Updated August 14, 2023
Overview of Banks in Cayman Islands
Cayman Islands has around 158 banks; most are subsidiaries and branches of international banks. The Cayman Islands is among them, 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 services to non-residents and residents of the Cayman Islands and operate in the international and domestic markets.
- Category B Banking License – This license permits a bank to conduct 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 keep the Cayman Islands economy 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 incorporated itself in 1974 and situates its headquarters in Grand Cayman. This bank provides international and domestic financial services, including investment, online banking, administration and management, premier banking, company formation, trust services, and fund management. It has handled around KYD1.463 trillion of the total assets. Cayman National Bank 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, a comparatively 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 Cainvest International Bank Limited was later formed. In 2015, the bank was renamed Cainvest Bank and Trust Limited. The bank’s headquarters is situated in Georgetown. 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 a “Category A” license. The Bank’s product range includes client deposits, interbank placements, loans, and forex transactions. Merrill Lynch Bank and Trust Company (Cayman) Ltd. generated a net income of around KDR 13,243 in 2017, with total assets of KDR 4.071 million.
4. Fidelity Bank (Cayman) Ltd.
Fidelity Bank (Cayman) Ltd. was first incorporated in 1980 and received a “Category A” license. Fidelity Bank (Cayman) Ltd. offers a group offering, a comprehensive range of insurance, 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 1990 and is a 100% owned subsidiary of Guardian Capital Group 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 on the Island.
6. Trident Trust Company (Cayman) Ltd.
Trident Trust Company (Cayman) Ltd., 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,” which was incorporated in 2014. The headquarter of this bank is in Square Boston. The Bank offers investment services and banking to clients across multiple jurisdictions. Total assets reported as of 2017 were KDR 8.311 million.
8. VBT Bank & Trust Ltd.
VBT Bank & Trust Ltd. was incorporated in 1998 and is a subsidiary of VBT Holdings Ltd with a “Category B” license. 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 2017 in total assets and ₽120.1 billion net loss. The group employs more than 97,000 employees.
9. Sackville Bank and Trust Company Ltd.
Sackville Bank and Trust Company Ltd. was established as a private boutique in the Cayman Islands with a “Category B” license. This Group provides corporate structures and trust services, strategic investment management solutions, and custodial services.
10. Queensgate Bank and Trust Company Ltd.
Queensgate Bank and Trust Company Ltd. was incorporated in 1990 and is a member of the Ugland Group of Norway. This bank offers investment funds, banking services, trust & company administration, and accounting. This bank holds the “Category B” license.
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