Banking Industry in the Cayman Islands

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 majority of these banks are branches, subsidiaries and affiliates of established international financial institutions conducting business in the international markets. The total international (cross-border positions in all currency and domestic positions in foreign currency) assets and liabilities were reported as US$663 billion and US$662 billion respectively in December 2019. Cayman is ranked fourteenth internationally in terms of cross-border assets and thirteenth for cross-border liabilities. More than 80% of those international assets represent inter-bank bookings between onshore banks and their branches, subsidiaries, affiliates and other Cayman Islands’ licensed banks. A testament to the worldwide recognition of the quality of Cayman’s financial industry is the fact that over 40 of the world’s top 50 banks hold licences in Cayman. The banking sector hires highly skilled professionals and is one of the most prominent employers on the Island. The Cayman Islands implements the global standards of the Financial Action Task Force and international financial sanctions. Cayman Islands’ banks are bound by strict anti-money laundering, counter-terrorism proliferation financing laws, which are recognised as meeting or exceeding those of all major onshore jurisdictions.

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.

Local Banks