The largest banks in the Cayman Islands include local, regional, and international banks.
In many cases, these banks cater exclusively to foreign clients seeking private banking, wealth management, and institutional banking services.
In this article, we’re going to share the largest banks operating in the British Overseas Territory of the Cayman Islands and help you navigate your options when choosing where to open accounts.
This article is part of our free series on banking in the Cayman Islands, which you can access using this link.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- What are the Largest Banks in the Cayman Islands?
- How Can You Open Bank Accounts in the Cayman Islands?
- Frequently Asked Questions
- Ready to Open an Offshore Bank Account?
What are the Largest Banks in the Cayman Islands?
In terms of total assets, the largest banks in the Cayman Islands are Butterfield Bank (Cayman) Limited, Cayman National Bank Ltd., and CIBC FirstCaribbean International Bank (Cayman) Limited, with more than USD 10.4 billion in combined total assets at the end of fiscal year 2022.
However, this is relatively small compared to the total assets held in the Cayman Islands, which the Cayman Islands Monetary Authority reported as USD 518 billion.
Of course, each of these banks has a very specific set of client profiles that they are willing to accept. In other words, they are not suitable options for every client profile.
With this in mind, finding the right financial institution needs to be a combination of finding a trustworthy bank in addition to a bank that will accept your client profile.
This requires you to understand your client profile, banking needs, ideal deposit level, and the economic shocks and Cayman Islands banking risks you may be exposed to before you start the process of applying for accounts. We discuss the expected account opening expenses and Cayman Islands banking costs in our free guide, which you can access by clicking here. But, for now, let’s continue digging into the largest banks in the Cayman Islands.
While Butterfield, Cayman National, and FirstCaribbean are currently the three largest banks in the territory in terms of assets, there are many other financial institutions with significant assets as well. With this in mind, here is an expanded look at the largest banks in the territory.
Largest Banks in the Cayman Islands
- Butterfield Bank (Cayman) Limited
- Cayman National Bank Ltd.
- CIBC FirstCaribbean International Bank (Cayman) Limited
- RBC Royal Bank, Scotiabank
- Proven Bank (Cayman) Limited (formerly Fidelity Bank (Cayman) Limited)
- HSBC Bank (Cayman) Limited
Not surprisingly, the largest banks in the Cayman Islands play a critical role in Cayman’s economy, providing a wide range of financial management support and Cayman Islands banking services, driving growth across key industry sectors, and supporting the needs of both resident and non-resident individuals and entities.
How Many Banks Are in the Cayman Islands?
There are several institutions in operation, including a list of 94 banks in the Cayman Islands. These financial institutions are broken into (a) Class A Banks, (b) Class A Bank & Trusts, (c) Class B Banks, and (d) Class B Bank & Trusts.
That said, the Cayman Islands also licenses various other financial institutions, including Money Service Providers, Building Societies, Cooperative Societies, Development Banks, and Money Service Businesses.
Of course, the banks and financial institutions available to each client will depend on residency status, the type of bank account they require, the jurisdictions that they plan to transfer cash to and from, how they plan to send money to the Cayman Islands, the banking services they need, and more.
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How Can You Open Bank Accounts in the Cayman Islands?
Importantly, if you are looking to build a custom financial portfolio with a Cayman Islands personal bank account as a foreign non-resident, it is not an easy task. In fact, despite popular opinion, the Cayman Islands is one of the most challenging banking jurisdictions to open personal bank accounts in. But, it is still possible.
With this in mind, if you are looking for easier account opening, you may want to consider banking elsewhere. Not surprisingly, it’s important to directly compare all of the account opening options available to you, including the special account incentives and Cayman Islands banking benefits, so you can find the one that will realistically open accounts for you.
This is especially important if you are opening a personal account as a foreign non-resident. It’s also important if you are opening a corporate deposit account or a Cayman Islands business bank account for a foreign (or offshore) entity. In these instances, opening is often more difficult, not to mention getting bankers to respond to your account opening requests is a challenge. So, instead, foreign non-residents typically need to focus their attention on respected financial services offered by the best banks in the Cayman banks that actively cater to foreign clients.
If you would like to start directly comparing your banking options in the Cayman Islands, you can immediately access hundreds of banks in the GlobalBanks IQ Database. Each bank profile includes detailed account opening procedures, Cayman Islands banking requirements, preferred clients, important considerations and risks, and much more. You can see everything you get instant access to when you join GlobalBanks IQ below.
Frequently Asked Questions
Below are a few of the most common questions we receive from people asking about the largest banks in the Cayman Islands. If you have further questions you would like answered, don’t hesitate to get in touch.
What Are the Best Private Banks in Cayman?
The best private banks in the Cayman Islands should be determined in the context of the person opening accounts. This is because VIP financial services and private banking in the Cayman Islands are not for everyone. In other words, it’s important to understand the specific profile, investment appetite, and objectives that the prospective customer is trying to optimize for to say which banks they may want to consider. This is especially true if they are looking to open an account in the Cayman Islands Dollar, the currency of the Cayman Islands.
What Is the Biggest Bank in the Cayman Islands?
The biggest bank in the Cayman Islands in terms of total assets is Butterfield Bank (Cayman) Limited, with USD 4,566,144,000 in total assets at the end of 2022. It’s important to note that holding a foreign account and offshore banking in the Cayman Islands is not suitable for every client type.
What Banks Are in the Cayman Islands?
The banks that are in the Cayman Islands include a range of local, regional, and international banks, including major international brands like HSBC, CIBC, RBC, and Scotiabank, and major local and regional banks like Butterfield, Proven, and Cayman National Bank.
Ready to Open an Offshore Bank Account?
If so, you can access GlobalBanks Insider and start the process of applying for an offshore account in a few clicks.
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