Topic: Caribbean Association of Banks
Business in brief: Genesis Trust, Caribbean Association of Banks, Carey Olsen, Appleby
The HIGHVERN group has expanded into the Cayman Islands with the acquisition of private capital and funds governance service provider Genesis Trust & Corporate Services Ltd.
Tackling the decline of correspondent banking relationships in the Caribbean
Correspondent banking, the collective term for banking services provided by a bank in one country to a financial institution in another, has been the backbone of international banking operations and payments for some time.
Lack of correspondent banking seen as threat to Caribbean region
The Caribbean Association of Banks has warned that if no solution to the decline of correspondent banking relationships among financial institutions in the Caribbean is found, “the very livelihoods of Caribbean people will be in danger.”
