Established in 1964, the Central Bank of Trinidad and Tobago (CBTT) is the second-oldest central bank in the English-speaking Caribbean, next only to the Bank of Jamaica (1960). The CBTT determines rates and reserve requirements, formulates monetary policy, and oversees financial institutions and banks in Trinidad and Tobago.
The country’s banking sector comprises eight commercial banks, which employ around 7,400 staff and manage a total of 123 branches and around 250 ATMs across the island.
In May 2020, Moody’s Investors Service changed the outlook on the Government of Trinidad and Tobago’s ratings to negative from stable. At the same time, the government’s long-term issuer and senior unsecured debt ratings were affirmed at Ba1.
The negative outlook reflects increased downside risks to Trinidad and Tobago’s economic and fiscal strength stemming from medium-term challenges exacerbated by the severe shock to global oil and gas demand and prices and triggered by the coronavirus pandemic.
For anyone considering a banking career in Trinidad and Tobago, this list of banks in Trinidad and Tobago is a helpful guide on where to start. To learn more, see our list of financial institutions.
The Top Banks in Trinidad and Tobago:
ANSA Merchant Bank
Founded in 1977, ANSA Merchant Bank Limited, together with its subsidiaries, engages in a range of banking and financial related activities in Trinidad and Tobago and the Caribbean. It operates through four segments: Banking Services, Mutual Funds, Life Insurance Operations, and General Insurance Operations.
The company is headquartered in Port of Spain, Trinidad and Tobago. ANSA Merchant Bank Limited is a subsidiary of ANSA McAL Limited.
Net income: TTD 162.01 million (2020)
Total assets: TTD 8.47 billion (3/2021)
CIBC FirstCaribbean International Bank
CIBC FirstCaribbean International Bank is the biggest, regionally-listed bank in the Dutch- and English-speaking Caribbean. The bank’s market-leading financial services include Retail and Platinum Banking, Corporate Banking, Credit Cards, Investment Banking, and Treasury Sales and Trading.
The bank is part of the CIBC Group, overseeing two Corporate and Investment Banking offices, two Platinum Banking Centers, and three ATMs in the country. It employs around 3,000 individuals.
Net income: BSD -63.5 million (2020)
Total assets: BSD 3.65 billion (2020)
Citibank (Trinidad and Tobago)
Formerly known as The United Bank of Trinidad and Tobago, Citibank started its operations as one of the banks in Trinidad and Tobago in 1965. Headquartered in Port of Spain, it is part of Citicorp Merchant Bank Limited.
The bank offers a wide range of financial services and solutions, including corporate finance, project finance, electronic banking, and web-based solutions, trade finance and trade services, derivatives, commercial lending, cash and treasury management, and financial advisory services.
First Citizens Bank
First Citizens Bank is the biggest unit of the First Citizens Group, one of the banks of Trinidad and Tobago that is a leading financial services company. The group provides a wide range of retail, merchant, and corporate banking services, as well as brokerage, trustee, and asset management services.
Founded in 1914, the bank employs around 1,800 staff and is based in Port of Spain, Trinidad and Tobago.
Net income: TTD 511 million (3/2021)
Total assets: TTD 47.42 billion (3/2021)
JMMB Bank (Trinidad and Tobago)
Established in 1998, JMMB Bank (Trinidad and Tobago) offers a broad portfolio of banking services and products to its clients across the country. Formerly called Intercommercial Bank Limited (IBL), the bank operates as a subsidiary of JMMB Group, one of the biggest financial services providers in the region. It manages four branches of banks in Trinidad and Tobago in the following locations: Port of Spain, Marabella, and Tunapuna.
Net income: JMD 7.07 billion (3/2020)
Total assets: JMD 400.2 billion (3/2020)
RBC Royal Bank (Trinidad and Tobago)
RBC Royal Bank’s existence in Trinidad and Tobago dates back to 1971. The bank oversees a network of 25 branches and 93 ATMs, supported by internet banking and fully automated telephone services. It is a member of RBC Caribbean Banking, one of the region’s leading diversified financial services providers.
Originally called Colonial Bank, Republic Bank was founded in 1837, making it the oldest of the commercial banks in Trinidad and Tobago. Along with the other banks in the Republic Group, Republic Bank is owned by Republic Financial Holdings Limited (RHFL).
Republic Bank offers merchant banking, leasing, trustee services, debit and credit card issuance and processing, and mutual fund and investment management services. The bank’s network comprises 126 branches and 344 ATMs
Net income: TTD 1.05 billion (3/2021)
Total assets: TTD 107.15 billion (3/2021)
Scotiabank Trinidad and Tobago
Scotiabank commenced banking operations in Port-of-Spain, Trinidad in 1954, offering a wide range of commercial, retail, and cash management services to its clientele. Scotiabank Trinidad and Tobago is part of Canada-based Scotiabank, which is also one of the leading banks in the Caribbean and Central America.
Today, the bank employs about 1,599 individuals and manages 21 branches, 115 ATMs, and two sales centers strategically located throughout the country.
This has been a guide to the top banks in Trinidad and Tobago. For anyone looking for a career in banking, this list is a great place to start your networking. Please also see these additional resources: