Regulated by the Cayman Islands Monetary Authority (CIMA), banking in the Cayman Islands is a major part of Cayman’s financial sector, with 111 banks licensed as of March 2021.
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These are comprised of 6 retail and 4 non-retail Category ‘A’ banks, and 101 Category ‘B’ banks, portraying a sound and resilient banking sector in a challenging global financial environment. The majority of these banks are branches (66) and subsidiaries (31) of international banks from North America, Europe, and South America.
The 111 banks licensed in Cayman are split into A and B classes, with the former licence permitting banks to carry out local and international business. There are currently 10 Class A licensed banks in the Cayman Islands. The other 101 banks hold Class B licences and are mainly restricted to offshore transactions with non-residents. Of the 111 banks licensed in Cayman in the first quarter of 2021, 15 are from Europe, 18 from the USA, 21 from the Caribbean and Central America, 17 from Asia and Australia, 12 from Canada and Mexico, 26 from South America and two from the Middle East and Africa. To see a list of the banks licensed in the Cayman Islands visit www.cima.ky.
If you would like information on opening a personal bank account in the Cayman Islands or on opening a business bank account in Cayman please see these pages. For information on local banks please see below.