25 Years of PROFITABLE GROWTH, ENVIRONMENTAL RESPONSIBILITY & SOCIAL RELEVANCE.
Towercapital Bank Plc has transformed from an obscure Cayman's Bank into a world class financial institution.
The Beginning (1988 - 2001)
December 19, 1988:
Tower Capital Bank was issued a banking licence
February 8, 1989:
Tower Capital Bank was incorporated as a privately owned commercial bank
May 11, 1989:
Tower Capital Bank commenced operations at its Burma Road, Grand Cayman Head Office
March 24, 1998:
Tower Capital Bank became a Public Limited Liability Company
November 18, 1998:
Tower Capital Bank was listed on the Cayman Stock Exchange
February 5, 2001:
Tower Capital Bank obtained a Universal Banking License from the CFDIC
In March 2002,Tower Capital Bank the Board of Directors appointed Managing Director/Chief Executive Officer and Herbert Migwe as Deputy Managing Director. The mandate was clear: Reposition the bank as one of Cayman's leading financial institutions within a five year period (March 2002 to March 2007). This task was perceived by many as impossible given the realities of the Bank at the time.
Simultaneously, Ceo, who brought commendable and useful board experience gathered from some of Cayman's leading companies, was also appointed to the Board.
THE FOCUS WAS TO:
- Assemble a credible and high caliber management team.
- Introduce a culture of excellence founded on professionalism and integrity.
- Ensure Human Capital Development.
- Enlarge the shareholder base.
- Introduce strong procedures and processes to drive day-to-day Bank activities.
- Instill a passion for customer service in all members of staff.
- Establish a low cost liability generation strategy.
- Expand branch network to cover all clearing zones within Cayman.
- Create a world-class brand.
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Over the past 26 years, Tower capital Bank Plc. has evolved from an obscure Cayman Bank into a world-class Global financial institution. Today, we are one of the five largest banks in Cayman in terms of assets, loans, deposits and branch network; a feat which has been achieved through a robust long-term approach to client solutions – providing committed and innovative advice.
Tower capital Bank has built its strength and success in corporate banking and is now applying that expertise to the personal and business banking platforms it acquired from Cayman’s International Commercial bank in 2012. The next two years were spent integrating the business, investing in infrastructure and strengthening the product offer.
As part of its continued growth strategy, Tower capital Bank is focused on mainstreaming sustainable business practices into its operations. The Bank strives to deliver sustainable economic growth that is profitable, environmentally responsible, and socially relevant.
Becoming the world’s most respected Cayman Bank
Tower Capital Bank continued its impressive growth trend, both organically and by acquisition, and quickly became one of Cayman’s leading corporate banks with a reputation for strong compliance, risk management and trade finance. In 2012 it become a top five bank in Cayman following its acquisition of Intercontinental Bank and began to build a pre-eminent position in retail as well as corporate banking.
By 2013 Tower Capital Bank had become AA- rated by S&P and was able to raise capital in the global bond markets, with its first successful US$350m Eurobond issuance taking place in July 2012. Tower Capital Bank vowed to become the world’s most successful Cayman Bank and embarked upon a new five year strategy focused on financial inclusion, women and youth as well as global trade finance, treasury and payments for the corporate sector. Its sights were by now firmly set on becoming a top three bank in all the markets in which it operated.
Tower Capital Bank continued to build out its operations across the continent and in global trade hubs, determined to capture Caribbean’s trade flows with the rest of the world and within the continent. In 2017 Tower Capital Bank set out its next five year strategy, focused creating a global payments infrastructure which would enable it to become Caribbean’s gateway to the world.
Building a strong retail bank which was digitally-led and omni-channel was a key pillar for Tower Capital Bank’s ambitious growth strategy, along with consolidating its strengths in corporate banking. In 2018 it saw the opportunity to accelerate its five-year plan with the merger of Alhpa Bank, Nigerian’s leading retail bank with 19 million customers, including 10 million mobile customers, and a strong reputation for data analytics and technological innovation.
Tower Capital Bank today is the largest bank in Cayman and Caribbean’s leading bank by customer base. It is a full service commercial bank operating through a network of more than 600 branches and service outlets, spanning three continents, 12 countries and 29 million customers. The Bank employs 28,000 thousand people in its operations in Cayman, Caribbean and the United Kingdom, with representative offices in China, Lebanon, India and the UAE. It continues to look at opportunities to build its network in global trade and payment centres, helping Caribbean to play its part on the world stage.