Digital Adoption Blooms: Integrated offerings and sustainability spur regional growth.
Tourism and tech are two ways the Caribbean nations are attempting to navigate the changing economic winds that blow through the region. The Caribbean Tourism Organization (CTO) projects regional tourism will increase by 2% to 5% this year and reported that visitors exceeded 2019’s prepandemic numbers.
Infrastructure is as much an issue as implementation, and the Dominican Republic is publicly tendering for Wi-Fi 7, while various countries are testing instant payment systems that mix blockchain technology with stablecoin or other digital currencies.
To take advantage of this, banks such as Banco Popular and Scotiabank have accelerated the integration of services across their product portfolios to drive efficiency and better serve their clients.
Given the unique challenges the region faces with climate change, it is heartening to see banks continue to lead the way with creative solutions and financing real change. The Bahamas’ Debt Conversion Project could yield the country an estimated $124 million for maritime cleanup operations.
A quieter period on the M&A front is slowly coming to life. El Salvador, Honduras, and Panama, especially, show signs of activity that promise an interesting 2026.
Best Private Bank: Scotia Wealth Management
Scotiabank began the awards period by continuing its centralization policy in the Caribbean and Central America. This saw Grupo Bolivar’s Banco Davivienda take over Scotiabank’s Central American and Colombian operations in exchange for a 20% stake in the Colombian bank.
The original $360 million investment occurred in 2016, when Scotia took over Citibank’s regional assets.
Concentrating on more profitable markets has also enabled Scotiabank to educate its clients and hone its app suite to better serve them. Throughout 2025, Scotia has released its Total Wealth Approach across all international markets.
Strong local connections, including golf’s Hero World Challenge in the Bahamas, and a commitment to the health of communities by returning the National Road Cycling Championships see value added to the region.
As a further commitment to its over 2 million customers in Latin America and the Caribbean, Scotiabank will release its Net Promoter Scores in the Caribbean this month.
A repeat winner, Scotiabank remains the bank to beat in the Caribbean and Central America.
Best Private Bank For Sustainable Investing: BAC Credomatic
In a year that saw blue bonds, the Bahamas’ debt conversion for marine conservation swap and the region’s first hospital bond the “S” in ESG
has been kept busy. BAC Credomatic has been a consistent operator in Central America, especially in sustainability.
With its BIO card, made from sustainable materials, BAC showed its commitment to the circular economy and, with 52 charging stations, promotes zero-emission mobility. In 2024, BAC Credomatic placed $385 million in energy transition solutions.
The bank strives to be a triple-value bank that focuses on sustainable finance, ethical conduct, climate and nature, communities, and well-being. This includes decarbonizing its loan portfolio. Other sustainable products include loans for hybrid and electric vehicles, sustainable construction, solar panels, green financing for business banking and renewable energy.
All of these are backed by the UN Sustainable Development Goals and hundreds of millions of dollars pledged to them.
It will be interesting to see what plans BAC has for the future should its intended purchase of Panama’s Multi Financial Group go through.
Best Private Bank Digital Solutions For Clients: Banco Popular Dominicano
Whether serving tourists or preparing for the remittance tax, banks in the Caribbean and Central America are enjoying the digital era, according to experts.
Banco Popular exemplifies this, whether through its bespoke five-app selection or by helping the diaspora invest in their homeland via remittances.
Market leaders in credit cards and checking accounts, Banco Popular can point to its historical pioneering spirit in driving financial inclusion, education and social progress in the Dominican Republic.
This year, 89% of Banco Popular’s transactions were digitall. Its suite of five applications includes one that is basic and youth-oriented, one for SMEs and businesses, and the BPD Popular App, which has undergone an upgrade. International transactions are available, as are secret PIN codes for credit cards.
Looking ahead, its digitalization and automation program will be at the forefront of the bank’s AI efforts, which are already showing signs of adding value, such as a 95% improvement in data quality.
