According to FirstCaribbean, the award comes in recognition of its investment in innovative regional projects such as the launch of its pan-Caribbean internet and telephone banking service earlier in the year. The bank was also the first in the Caribbean to complete a debt issue in the European money markets.

The editors of Global Finance noted that, in their opinion, the winners of this year’s awards "can best help their clients make the most of the vast opportunities available in the world’s diverse – and sometimes confusing – emerging markets".

The 12th annual Global Finance magazine survey was completed with input from industry analysts, corporate executives and banking consultants. Global Finance also noted that it "identified the banks that adhere to high standards of corporate governance, and possess the imagination to succeed in a challenging environment".

Headquartered in Barbados, FirstCaribbean has branches in 16 territories dotted around the Caribbean.

Commenting on the award, FirstCaribbean's CEO, Charles Pink, noted:

"We’ve completed three challenging years in the life of FirstCaribbean, and while some issues presented themselves early in our life, we have tackled them head on and we have seen vast improvement, both in what our customers are telling us, and in our financial performance."