Banking Industry in the Cayman Islands

Of these 77 banks, 11 hold Class A licences and are permitted to carry out local and international business. The other 66 banks hold Class B licences and are mainly restricted to offshore transactions with non-residents. The majority of these banks are branches, subsidiaries and affiliates of established international financial institutions conducting business in international markets. Of these banks, eight are from Europe, seven from the US, 15 from the Caribbean and Central America, 13 from Asia and Australia, 10 from Canada and Mexico, 22 from South America and two from the Middle East and Africa.

In December 2024, Cayman was ranked 20th internationally based on the value of cross-border assets, and 23rd in terms of cross-border liabilities, at US$306.2 billion and US$266.2 billion, respectively. The banking sector hires highly skilled professionals and is one of the most prominent employers on the island. Cayman Islands’ banks are bound by strict anti-money laundering, counter-terrorism and proliferation financing laws, which are recognised as meeting or exceeding those of all major onshore jurisdictions.

To see a list of the banks licensed in the Cayman Islands visit www.cima.ky.

Local Banks