Overview of Banks in Cayman Islands
Cayman Islands has around 158 banks and among them, the majority are subsidiaries and branches of the international banks. The Cayman Islands is among one of them which is leading the international financial centers in the world.
The Cayman Islands Monetary Authority may issue licenses under the nation’s Banks and Trust Companies Law for the following categories:
- Category A Banking License – This license allows a bank to provide their services to non-residents and residents of the Cayman Islands and operate both in the international as well as in domestic markets.
- Category B Banking License – This license provides permits to a bank for conducting domestic banking business in the Cayman Islands with other licensed entities and international banking business with non-residents only.
- Trust License – Wherein a bank acts as executor, trustee, or administrator
- Category B Banking License Restricted
- Nominee (Trust) License
- Trust License Restricted
As per Moody’s investor service, Cayman Island’s banking system is stable as it is placed well in areas of development.
- The debt burden of the Cayman Island government is comparatively low.
- The sound macroeconomic policies and institutional framework allow the Cayman Islands economy to remain stable.
- The per capita income of the Cayman Islands is quite high which prevents the country from any shocks.
Top 10 Banks in Cayman Islands
Here is a list of the top 10 Banks in the Cayman Islands which are as follows:
1. Cayman National Bank
Cayman National Bank was incorporated in 1974. The bank headquarters is situated in Grand Cayman. This bank provides services for international and domestic financial services, including investment services, online banking, administration and management, premier banking, company formation, trust services, fund management, etc. It has handled around KYD1.463 trillion of the total assets. Cayman National Bank had generated revenue of around KYD46.96 million in the half-year of 2018. In the same year, the net income of Cayman National Bank was around KYD 22.32 million.
2. Cainvest Bank and Trust Limited
Cainvest Bank and Trust Limited were established in 1994 which is comparatively a new bank in the country. This bank has received a banking license of “Category A”. In 1994, this bank acquired Inter-trust Bank (Cayman) Limited and later Cainvest International Bank Limited was formed. In 2015, the bank was re-named to Cainvest Bank and Trust Limited. The bank’s headquarters is situated in George-town. The bank provides a platform for investment products and services to institutional clients and high net worth individuals.
3. Merrill Lynch Bank and Trust Company (Cayman) Ltd.
Merrill Lynch Bank and Trust Company (Cayman) Ltd. has received “Category A” license. The Bank’s product range includes deposits from clients, interbank placements, loans, and forex transactions. Merrill Lynch Bank and Trust Company (Cayman) Ltd. had generated net income around KDR 13,243 in 2017 with total assets KDR 4.071 million.
4.9 (4,863 ratings)
View Course
4. Fidelity Bank (Cayman) Ltd.
Fidelity Bank (Cayman) Ltd. was first incorporated in 1980 and this bank also received “Category A” license. Fidelity Bank (Cayman) Ltd. offers group offering which is a comprehensive range of insurance, both international and domestic banking, and other financial services and products. The bank reports B$627.770 million in assets for the year ended 2017.
5. Alexandria Bancorp Ltd.
Alexandria Bancorp Ltd. was incorporated in the year 1990 and is 100% owned subsidiary of Guardian Capital Group that is based in Toronto, Canada. This bank offers Wealth Management, Private Banking, and Trust and Corporate services and is one of the most significant foreign banks in the Island.
6. Trident Trust Company (Cayman) Ltd.
Trident Trust Company (Cayman) Ltd. which was established in 1978 holds the “Category B” license. The bank serves trust, corporate, and fund services in the financial services sector worldwide. It employs more than 800+ people.
7. Alhambra Bank & Trust Ltd.
Alhambra Bank & Trust Ltd. is also licensed with “Category B” that was incorporated in the year 2014. The headquarter of this bank is in Square Boston. The Bank offers investment services and banking to clients that are located across multiple jurisdictions. Total assets reported as for 2017 were KDR 8.311 million.
8. VBT Bank & Trust Ltd.
VBT Bank & Trust Ltd. was incorporated in the year 1998 which is a subsidiary of VBT Holdings Ltd with a “Category B” licensed. The headquarter of this bank is in Durban. This bank is a broker member of SWIFT and Visa International and a member of the Cayman Islands Stock Exchange. It also provides trust services and offshore banking. The bank reports ₽13.01 trillion for the year 2017 in terms of total assets and ₽120.1 billion net loss. The group employees more than 97,000 employees.
9. Sackville Bank and Trust Company Ltd.
Sackville Bank and Trust Company Ltd. was established in the Cayman Islands with a “Category B” license as a private boutique. This Group provides services for corporate structures and trust, along with strategic investment management solutions and custodial services.
10. Queensgate Bank and Trust Company Ltd.
Queensgate Bank and Trust Company Ltd. incorporated in 1990 and is a member of the Ugland Group of Norway as well. This bank offers investment funds, banking services, trust & company administration, and accounting. This bank holds the “Category B” license.
Recommended Articles
This has been a guide to Top banks in Cayman Islands. Here we have discussed the 10 topmost banks in the Cayman Islands with their financial structure. You may also look at the following articles:
