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Europe’s largest banks are booking 14% of their profits, about US$24 billion, in low-tax centres every year, according to a report by EU Tax Observatory.
In the first quarter of 2020, the assets and liabilities of Cayman Islands banks both increased for the first time in years.
Butterfield Bank advised customers in Cayman Thursday that previously announced changes to credit card rates and fees, which were to have taken effect on 31 March, have been suspended until further notice.
Scotiabank has announced updates to its customer assistance programme for retail and business account holders.
There are better ways than the Volcker Rule to limit the scope of taxpayer subsidies – but they aren’t happening any time soon.
The territory’s banking industry continued to contract in 2016 in terms of the number of banks and the amount of assets and liabilities held by those institutions, according to the Cayman Islands Monetary Authority’s 2016 Banking Digest.
The recent 50th anniversary of the bank is a reminder of this gentleman, and one of Cayman’s finest citizens.
Congratulations to Butterfield on its “golden” anniversary in the Cayman Islands. Here’s to your next 50 years.
RBC Royal Bank launched its suite of private banking services in the Cayman Islands on April 20.
The Bank of N.T. Butterfield & Son Ltd. has made provision for the payment of US$4.8 million, recorded during its financial year which ended Dec. 31, 2015, against the possibility that it could be required to make a settlement payment as the result of an ongoing U.S. federal investigation into tax evasion.
There is growing unease in the banking industry that a possible failure of the global economic recovery will hurt the still fragile banking system.
CIBC FirstCaribbean last month welcomed its new chief executive officer, Gary Brown. He succeeds Rik Parkhill, who left office at the end of December after a four-year tenure.
A scammer recently gained access to a local bank account, according to the police’s Financial Crime Unit, and stole money from a woman in the United Kingdom using an email scam.
The number of banks in the Cayman Islands dropped by 7 percent in 2015, compared to 2014.