International Women’s Month provides a timely moment to celebrate the remarkable success of women in Cayman’s banking sector.
Four out of Cayman’s six retail banks are headed by women. That stands in marked contrast to the rest of the world where women hold a tiny proportion of banking CEO roles. For example, a recent report found that only 7.5% of banks in the US are headed by a woman, despite women making up 50% of the overall headcount in the industry.
Discussions with the jurisdiction’s leading bankers shed light on why women are so well represented in Cayman’s banks. One reason they highlighted was that banking often seemed like the best option for aspirational Caymanian women.
“I started as a bank teller at 18 and I think there was definitely a bit of ‘prestige’ associated with the job,” said Amanda Bodden, the president of the Cayman Islands Bankers’ Association. “Banks have always been happy to take on high school leavers, so that might be a factor also,” said Bodden, who is senior vice president, head of retail banking for Butterfield in the Cayman Islands.
“The path to the top seemed a bit clearer in banking than it did in other financial services firms where education and qualifications would have been non-starters for me and many others at the start of our careers.”
Another appeal of banking is the potential to improve lives, said Janet Hislop, the president of Cayman National Bank Ltd, who moved into banking from medicine. “Whilst not an obvious choice for someone whose guiding star is wanting to help people better their lives, bankers do exactly that – helping people to pay for their child’s education, set up their businesses, get their first homes, pay medical bills, etc.,” said Hislop.
Sarah Hobbs, country head for Scotiabank & Trust (Cayman) Ltd., agrees, “At the heart of finance are people with unique goals and dreams. I find tremendous purpose in helping others to build for the future and succeed.”
That view is echoed by Stacy Belnavis, president and CEO at PROVEN Bank (Cayman) Limited. “What really energises me is the chance to shape and lead transformational initiatives, work that improves how people experience banking every day. Banking may seem technical, but for me it’s always been about people: earning their trust, helping them move forward, and building something better than what existed before.”
As a result, women in Cayman “have played a prominent role in banking for many decades in Cayman, and their influence and contributions have been significant”, said Billy Pennington, vice president of the Cayman Islands Bankers Association.
Why women bankers succeed in Cayman
The key difference with banking in Cayman is not that it has many female participants but that those women have climbed to the top. “I believe women in Cayman thrive in banking not only because of their talent and qualifications, but because women combine ambition with resilience and empathy,” says Hobbs. “We are willing to sacrifice, learn continuously, and balance multiple responsibilities.”
Hislop agrees that empathy is key and believes that coupled with compassion and a “broader perspective” has helped women bankers succeed. “These qualities create stronger relationships, better decision making, and more inclusive leadership, which have helped women succeed at the highest levels.”
That’s echoed by Khadene Lobban, country head at RBC Royal Bank (Cayman) Limited. “When I look at why so many women hold leadership roles in Cayman’s banking sector, I see a powerful combination of resilience and empathy. Modern leadership goes far beyond strategy and bottom lines – it’s about understanding people. Our teams and our clients want to be supported by someone who truly sees them, hears them, and values their unique perspective. That natural ability to connect on a human level, while still driving real momentum and performance, is exactly what women bring to the table every day.”
Another reason for that success is that Cayman’s banking sector has created an environment of equality that allows men and women to succeed on their merits, said Samantha Fletcher-Watts, the chief risk officer at FundBank. “The industry embraces and rewards, integrity, hard work and professionalism and encourages everyone, men and women, to push themselves, to grow and to achieve. This equality becomes even clearer as we look at the next generation coming up through the ranks and at the blockchain and digital asset space in particular.”
Gemel Sobers, country head at CIBC Caribbean agrees, “Our responsibility is clear: to ensure that talent, ambition and leadership potential are supported equally, without barriers.” Indeed, he notes that 67% of management positions in the bank are held by women.
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