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Overview of Banks in Cayman Islands
As per Moody’s Investors Service, the banking system in the Cayman Islands is quite stable. There are few reasons behind that –
- The institutional framework and sound macroeconomic policies allow the economy of the Cayman Islands to remain stable.
- The debt burden of the government is comparatively lower.
- The per capita income is quite high which prevents the Cayman Islands from any weather-related shock.
- The fiscal oversight of the UK also has kept the Cayman Islands sound in economic matters.
Since the income is pretty high and the debt is tepid, it’s expected that the rating of Moody’s Investors Service would remain similar in near future as well.
Structure of Banks in Cayman Islands
There are total 158 banks in Cayman Islands. Out of these huge numbers of banks, most of the banks are subsidiaries of foreign banks. The Cayman Islands is also considered to be one of the leading financial centres in the world. Around US $80 billion deposits are being booked through the banks situated in the Cayman Islands.
The Cayman Islands Monetary Authority issues mainly the following licenses (in regards to banking) as per the Banks and Trust Companies Law –
- “Category A” banking license: This license allows the banks to both operate in local and international territories. At the same time, these banks have the right to provide services to local and international customers. Only 11 banks are given the “Category A” banking license in the Cayman Islands.
- “Category B” banking license: This license allows the banks to provide international banking services only to non-residents of the territory and offer domestic banking services only to residents of the territory. The rest of the banks (around 147 banks) are offered “Category B” banking license.
Top Banks in Cayman Islands
Here is the list of top 10 banks in Cayman Islands –
#1. Cayman National Bank:
Cayman National Bank has received a “Category A” banking license. It was established in the year 1974, around 43 years ago. At the end of 2016, the total assets acquired by Cayman National Bank were US $1337 million. In the same year the total income of the bank was US $62.46 million. It has been providing financial products and services like investment services, online banking, premier banking, and fund management. The head-quarter of this bank is located in Grand Cayman.
#2. Cainvest Bank and Trust Limited:
This is comparatively a new bank in Cayman Islands. It has received a “Category A” banking license. In the year 1994, this bank purchased Intertrust Bank (Cayman) Limited and Cainvest International Bank Limited was created. Later, in the year 2015, the name was changed to Cainvest Bank and Trust Limited. The head-quarter of this bank is located in George town. This bank provides private banking and investment products and services to local and international customers. They also have presence in Brazil, Uruguye, and Argentina.
#3. Merrill Lynch Bank and Trust Company (Cayman) Ltd.:
This top bank in Cayman Islands has received a “Category A” banking license. This bank is popular for running operations in banking and in trust-related issues. Merrill Lynch Bank and Trust Company (Cayman) Ltd. also helps the affiliates of these trusts (who can be high net-worth individuals, client corporations, or financial institutions etc.). This bank also offers many banking products and services like secured loans, foreign exchange transactions, deposits from high net-worth individuals etc.
#4. Fidelity Bank (Cayman) Ltd.:
This top bank in Cayman Islands also holds a “Category A” banking license. This bank was established in the year 1980, around 37 years ago. Fidelity Bank (Cayman) Ltd. is one of most comprehensive financial institutions of the Cayman Islands. It serves all sorts of customers – from local to international customers. It provides a broad range of financial products and services like insurance, international banking etc.
#5. Alexandria Bancorp Ltd.:
This top bank in Cayman Islands holds a “Category B” banking license. It was founded in the year 1990, around 27 years ago. It is one of the most significant foreign banks situated in the Cayman Islands. Alexandria Bancorp Ltd. is one of its kinds because it can provide both banking and trustee services to the foreign clients. The focus of Alexandria Bancorp Ltd. is on corporate & trust services, private banking, and wealth management.
#6. Trident Trust Company (Cayman) Ltd.:
Trident Trust Company (Cayman) Ltd. holds a “Category B” banking license. It serves mainly the accounting firms, brokerage firms, law firms, high net-worth individuals and other banks. It has employed around 800 people. It has a global reach and it has presence in Asia, the America, Africa, the Caribbean, the Middle East, and Europe. It is one of leading financial institutions in the Cayman Islands and it also offers corporate formation, administration, and fiduciary services.
#7. Alhambra Bank & Trust Ltd.:
This top bank in Cayman Islands holds a “Category B” banking license. It was recently established in the year 2014, just 3 years ago. It offers a broader range of financial and investment services. Its main focus is high net-worth individuals who can deposit a huge sum into the bank’s accounts. Alhambra Bank & Trust Ltd. provides services to non-US residents and they have set the minimum deposit money for high net-worth individuals is US $1 million.
#8. VBT Bank & Trust Ltd.:
This top bank in Cayman Islands holds a license of “Category B” banking. It is a noteworthy member of the Cayman Islands Stock Exchange. It is the wholly owned subsidiary of VBT Holdings Ltd. After acquiring Venecredit International Banking Ltd. in the year 1998, this bank was named Venecredit Bank & Trust Ltd. In the year 2012, this bank changed its name from Venecredit Bank & Trust Ltd. to VBT Bank & Trust Ltd.
#9. Sackville Bank and Trust Company Ltd.:
This top bank in Cayman Islands also holds a “Category B” banking license. This is a private boutique bank. It is one of the noteworthy boutique banks in the Cayman Islands which provide fiduciary services for trust and corporate structures. It also offers strategic investment solutions and custodial services. It is also an independent bank.
#10. Queensgate Bank and Trust Company Ltd.:
This top bank in Cayman Islands also holds a “Category B” banking license. It was established in the year 1990, around 27 years ago. This bank is the member of Ugland Group of Norway. The main focus of Queensgate Bank and Trust Company Ltd. is to offer banking services, investment funds, trust & company administration, and accounting.
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