NCB (Cayman) Limited has been granted a Category A banking licence by financial regulator the Cayman Islands Monetary Authority.
As a result, NCB Cayman can, for the first time, offer its private banking services to high-net-worth residents of Cayman and local businesses for the first time.
NCB previously held a Category B banking licence, from when it was established in Cayman almost 30 years ago, permitting the bank only to conduct non-resident business.
Tuula Jalasjaa, acting managing director of NCB Cayman, said in a press release, “We are pleased to now provide our private banking services to help high-net-worth individuals locally, as well as globally, to grow and preserve their wealth.
“We can now also service local companies and look forward to supporting and financing some exciting projects and developments in the Cayman Islands.”
She added the upgraded licence demonstrated NCB’s continued commitment to growing the bank’s business in the Caribbean, and its belief in the Cayman Islands as the jurisdiction of choice for high-net-worth clients.
National Commercial Bank Jamaica Limited first established a presence in Cayman almost three decades ago through its wholly owned subsidiary NCB (Cayman) Limited which, together with NCB Capital Markets (Cayman) Ltd, provides banking and wealth management services.
Both entities are part of NCB Financial Group, headed by board chairman Canadian-Jamaican billionaire businessman Michael Lee-Chin.
Related Videos
