Bankers Association takes on turbulent times

The Cayman Islands Bankers Association first Membership Social for 2009 will be held this evening (6 May) from 5:30pm to 7:30pm at the Grand Ballroom of the Ritz Carlton Grand Cayman.

As one of the oldest associations on the island, CIBA was formed in 1979. Its membership comprises the majority of registered banks and trust companies in the Cayman Islands and is open to all licensed banks and trust companies. Current membership comprises 73 ordinary members and over 110 associate members.

“CIBA is pleased to bring to membership and colleagues their first Membership Social of 2009. CIBA conducts several similar socials throughout the year, each with a well known speaker, speaking on topics of interest to its members and have been doing so for many years,’ said David Walker, President of CIBA

With over 160 guests already expected to attend, the evening looks to be an interesting one in light of the most recent announcements out of Washington regarding offshore jurisdictions, along with the ongoing issues Cayman’s banking sector is facing as a result of the global financial crisis.

The evening’s speaker is Tim Ridley, former chairman of the Cayman Islands Monetary Authority and now chairman of Editorial Board Cayman Financial Review, whose topic is “Cayman and the post financial rises world: is there still a place for the Islands that time once forgot?”

For many years, he was a senior partner of a leading Cayman Islands law firm and from 1995 until 2000 headed up the Asia practice in Hong Kong.

With wide regulatory and governance experience, having served on the Boards of the Cayman Islands Health Services Commission and the Cayman Islands Monetary Authority, Mr. Ridley has also served on various consultative committees that advise the Cayman Islands Government on matters relating to the financial services and local industries.

Speaking with the Compass, he noted Cayman is a jurisdiction many foreign politicians, regulators and media commentators love to hate. He says he plans to address the notion that Cayman’s financial services sector, and the organizations and authorities that support it, may need to take a hard look in the mirror in order to sustain Cayman’s continued prominence in the offshore financial world.

‘This topic chosen by Mr Ridley for this social is most appropriate for these times and we hope that our membership finds its contents enlightening and interesting,’ said Mr. Walker.

‘We trust members and colleagues alike will be encouraged to support CIBA on future membership events of this kind.’