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CIMA appoints new deputy head

CIMA appoints new deputy head

| 22/08/2017 | 1 Comment

(CNS Business): The Cayman Islands Monetary Authority (CIMA) last month named Shakira Cox Deputy Head of the Banking Supervision Division, responsible for providing support to the overall operation and management of the division, both on-site and off-site. CIMA Acting Managing Director Patrick B [...]

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Bank increases loan but not deposit rate

Bank increases loan but not deposit rate

| 17/03/2017 | 9 Comments

(CNS Business): Following the 25 basis point increase in the US Federal Funds Rate earlier this week, Butterfield Bank has announced an adjustment in its US and CI dollar prime lending rates for mortgages, consumer loans and commercial loans from 3.75% to 4% beginning today Friday, 17 March. But [...]

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Glidden confirmed as CIMA’s banking boss

Glidden confirmed as CIMA’s banking boss

| 19/01/2017 | 0 Comments

(CNS Business): The acting head of the Banking Supervision Division at the Cayman Islands Monetary Authority has been confirmed in the post. On 1 January Gloria Glidden was given the official title for a job she has be doing since last year. Officials said she would continue to provide supervisi [...]

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Cayman holds bank de-risking discussions in DC

Cayman holds bank de-risking discussions in DC

| 09/01/2017 | 1 Comment

(CNS Business): Ministry of Financial Services and Cayman Islands Monetary Authority (CIMA) officials recently held a second round of meetings in Washington DC with key US Congressional staff, regulators and stakeholders about bank de-risking from the Caribbean perspective. The Cayman officials t [...]

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Local bank raises interest rates on loans

Local bank raises interest rates on loans

| 14/12/2016 | 2 Comments

(CNS Business): Butterfield Bank (Cayman) has announced plans to adjust its loan rates in response to the US Federal Funds 25 basis point increase. The KYD and USD prime rates for residential mortgages, consumer loans and commercial loans will increase from 3.50% to 3.75%, the bank announced soon [...]

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Panton talks de-risking with US lawmakers

Panton talks de-risking with US lawmakers

| 22/11/2016 | 0 Comments

(CNS Business): Financial Service Minister Wayne Panton is continuing to talk with US lawmakers about how the move by American banks to drop money service business clients is impacting the Caribbean region and is seeking a way to address the problem. The banks’ efforts to comply with more stri [...]

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Cayman National shareholders to receive dividend

Cayman National shareholders to receive dividend

| 05/10/2016 | 0 Comments

(CNS Business): Cayman National Corporation (CNC) have announced a net income of over $9 million in the third quarter and the payment of an interim dividend of 5 cents per share. According to the CNC Board of Directors, this dividend will be paid on Wednesday 12 October to shareholders of record [...]

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Caribbean banks hope IMF can solve de-risking-risk

Caribbean banks hope IMF can solve de-risking-risk

| 30/08/2016 | 1 Comment

(CNS Business): The Caribbean Association of Banks (CAB) has welcomed recent remarks by Christine Lagarde, Managing Director of the International Monetary Fund (IMF), over the problem of correspondent banks in the region de-risking and hopes that the organisation can help stop the current trend. [...]

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Butterfield Bank in black with positive outlook

Butterfield Bank in black with positive outlook

| 28/07/2016 | 0 Comments

(CNS Business): The Chief Executive Officer at Butterfield Bank, Michael Collins, said the bank was continuing to see the positive financial impact of acquisitions in trust and wealth management in its offshore markets such as Bermuda, Cayman and Guernsey, as the Bermuda-based bank released its s [...]

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BNP Paribas closes Cayman branch

BNP Paribas closes Cayman branch

| 26/05/2016 | 13 Comments

(CNS Business): French bank BNP Paribas is closing one of its two remaining branches in the Cayman Islands, as it continues to scale back its international offshore operations, having closed two Cayman subsidiaries in 2015. However, it will retain a banking presence in Cayman, which it does not c [...]

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Cayman banks must adapt to survive de-risking

Cayman banks must adapt to survive de-risking

| 20/05/2016 | 1 Comment

(CNS Business): The banking sector in Cayman will have to accept new ways of working, including sharing costs and services, in order to survive in the current climate of de-risking, according to US industry consultants that visited the jurisdiction recently. “There has been a paradigm shift [...]

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Butterfield reports increase in earnings but fall in profit

Butterfield reports increase in earnings but fall in profit

| 02/05/2016 | 0 Comments

(CNS Business): Butterfield Bank reported an increase in its core earnings for the first quarter of this year of more than 24% but saw its net income decline by $1.2 million, or 4.3%, compared to the same time last year. During the first three months of the year, bank officials said asset qualit [...]

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Cayman operations boost Butterfield’s earnings

Cayman operations boost Butterfield’s earnings

| 25/02/2016 | 3 Comments

(CNS Business): The Chief Executive Officer of Butterfield, Michael Collins, said the bank was encouraged by improving economic conditions last year, which has resulted in a 6% increase in deposits, and a boost to core earnings of over $7.5 million, according to figures in the bank’s annual re [...]

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