A survey by The Banker magazine shows that the Cayman Islands can hold their own against international standards relating to service or regulation. For the third time in a row, The Banker magazine’s 2011 International Financial Centre (IFC) survey has awarded the top spot to the Cayman Islands in the Specialized Financial Centre category, besting its nearest competitor, Guernsey, by eight points.
The work of long-serving specialist banks such as Cayman Institutional Bank (CIB) goes a long way to explaining how the Cayman Islands became the world’s premier Specialist Financial Centre and how they have adapted to remain at the top. Founded in 1972, CIB combines the personal service of a private bank with the sophistication and knowledge necessary to serve the demanding and complex offshore financial industry.
“We have always believed that Cayman was getting it right with its commercially sensible yet internationally responsible regulatory environment and this latest survey by The Banker shows that the larger investment community agrees,” said Roger Hanson, Managing Director at CIB. “Winning the survey three times in a row is not an accident. It means we are doing something right here. At CIB, we are proud to be part of the Cayman financial community whose hard work, vision, and adaptability have contributed to this achievement.”
CIB specializes in providing banking and custody services to structured corporate transactions and hedge funds in keeping with the business now transacted in the Cayman Islands although initially both CIB and the Cayman Islands had their roots in private banking. CIB offers operating accounts in all major currencies, escrow accounts, foreign exchange and term deposits, complete SWIFT narrative on statements for all incoming wires, and a client web application for straight through transaction processing and reporting.
Press Release – BM