Back in the 1840s Mr. Jose Gomes D'Aguiar, founded his rum business, which grew into a chain of retail shops. He died in 1893 and three years later his four sons went into partnership as D'Aguiar Bros. That same year, 1896, the brothers purchased the Demerara Ice House which then consisted of a hotel, liquor bars and an aerated soft drink plant. The name 'Ice House' derives from the fact that ice was imported in schooners from Canada, hence the initials D.I.H. which can still be seen on XM’s rum labels today.
In 1966 the family company of D'Aguiar Bros. Ltd was converted into a public company and three years later merged with Banks Breweries Ltd to form Banks DIH Limited. Banks DIH Limited is now a multi-billion dollar company with a broad range of interests. Products within the Beverage Division include Banks Beer and XM rums.
Banks DIH do not have a distillery but purchase distilled spirit from producers which previously included Demerara Distillers Limited. Banks then age the spirit in ex-bourbon barrels in their warehouses before blending and bottling at their own facility.