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Topic: banking

European banks report $24 billion in offshore profits

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.

Cayman’s offshore banking sector shows first-quarter growth

In the first quarter of 2020, the assets and liabilities of Cayman Islands banks both increased for the first time in years.
Butterfield Bank

Butterfield suspends changes to credit card rates and fees

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

Scotiabank updates customer assistance programme

Scotiabank has announced updates to its customer assistance programme for retail and business account holders.

Bloomberg: Maybe the Fed did not guy Volcker rule

There are better ways than the Volcker Rule to limit the scope of taxpayer subsidies – but they aren’t happening any time soon.
An aerial view of the business area of downtown George Town, Grand Cayman

Cayman’s banking sector continued slide in 2016

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.
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Letter: The contributions of Nick Duggan

The recent 50th anniversary of the bank is a reminder of this gentleman, and one of Cayman’s finest citizens.

EDITORIAL – Butterfield Bank: A half-century of service to Cayman

Congratulations to Butterfield on its “golden” anniversary in the Cayman Islands. Here’s to your next 50 years.

RBC Royal Bank launches private banking in Cayman

RBC Royal Bank launched its suite of private banking services in the Cayman Islands on April 20.

Butterfield Bank discloses possible US$4.8M payment

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.

Bankers fear failure of global economic recovery

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 has new chief executive officer

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.

Email scammers steal from local bank

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.

Offshore banking continues to decline

The number of banks in the Cayman Islands dropped by 7 percent in 2015, compared to 2014.

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