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Development Bank has $16+M in bad debt

Development Bank has $16+M in bad debt

| 18/06/2019 | 57 Comments

(CNS): The Cayman Islands Development Bank continues to battle a mountain of bad debt that represents more than half of its entire loan portfolio. According to the Office of the Auditor General (OAG) the bank’s financial statements showed it holds more than $16.3 million in loans that are not being repaid. The bank received one […]

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Scotiabank adopts LGBTI business rights

Scotiabank adopts LGBTI business rights

| 03/06/2019 | 14 Comments

(CNS): Scotiabank has adopted the UN Global LGBTI Standards for Business and signed onto the Women’s Empowerment Principles, demonstrating its continued commitment to diversity and inclusion, officials said in a release last week. “Scotiabank is committed to being an inclusive employer and an advocate for women and members of the LGBTI community,” said Brian Porter, […]

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Clock ticks for input on mortgage law reform

Clock ticks for input on mortgage law reform

| 10/04/2019 | 27 Comments

(CNS): People wishing to provide input to government about its proposals to create specific legislation to deal with home loans have until the end of April to make their submissions. The Law Reform Commission is examining whether or not the laws in this area need to be reformed as a result of public concerns about […]

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Republic to retain status quo at Cayman National

Republic to retain status quo at Cayman National

| 08/04/2019 | 1 Comment

(CNS): Nigel Baptiste, the president of Republic Financial Holdings Limited, which acquired a majority shareholding in Cayman National Corporation Limited this year, has said that it will be maintaining the local bank’s brand and keeping its management and staff in their jobs. In a recent press release he claimed the acquisition was a model for […]

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Cayman National sale to Republic done-deal

Cayman National sale to Republic done-deal

| 13/03/2019 | 11 Comments

(CNS): Republic Financial Holdings Limited (RFHL) has completed its controversial acquisition of Cayman National Corporation Ltd, having purchased the equivalent of 74.99% of the once wholly Caymanian-owned bank at US$6.25 per share. The transaction cost the Trinidad-based bank just under US$198.5 million, according to a press release. Republic has said that all of the current […]

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Ex-bank boss sues for wrongful dismissal

Ex-bank boss sues for wrongful dismissal

| 07/03/2019 | 25 Comments

(CNS): Ormond Williams, who was president of Cayman National Bank for more than 15 years before he was unexpectedly fired by its board of directors last November, has filed a legal claim in the Grand Court for wrongful dismissal. According to the court documents, Williams said he was sacked without “proper legal justification” and is […]

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Former chairman’s daughter takes over bank

Former chairman’s daughter takes over bank

| 04/02/2019 | 52 Comments

(CNS): Janet Hislop has been appointed as President of Cayman National Bank, pending regulatory approval. Hislop, who takes up her position with CNB after eleven years as the chief officer of Deutsche Bank (Cayman) Limited, has a deep connection to Cayman National, as her father, Benson Ebanks, was a founding shareholder and chairman of the board.

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Cannot transfer funds from PayPal to Cayman account

Cannot transfer funds from PayPal to Cayman account

| 30/01/2019 | 0 Comments

I have funds in my PayPal account that I would like to transfer to my bank account in Cayman. PayPal is really useful for receiving money from countries around the world and I tend to use it a lot. I have previously transferred money from PayPal to a bank account in the US but getting […]

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CIG looks to smooth local charity troubles

CIG looks to smooth local charity troubles

| 04/12/2018 | 29 Comments

(CNS): More than 400 churches, sports clubs, community groups and charities in the Cayman Islands that are registered with government have been experiencing major administrative headaches as a result of the Non-Profit Organisations Law, 2017, which was implemented to deal with the risks posed by offshore non-profit entities. So, in moves to help local charitable organisations […]

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Deutsche Bank raided over Panama Papers link

Deutsche Bank raided over Panama Papers link

| 29/11/2018 | 28 Comments

(CNS): German law enforcement officials have raided the Frankfurt headquarters of Deutsche Bank in a money laundering investigation connected to the notorious Panama Papers. German prosecutors allege that two staff members at the bank helped clients launder money from criminal activities using offshore accounts in the British Virgin Islands. During raids of a number of Deutsche Bank […]

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Bank denies any genuine counter-offer

Bank denies any genuine counter-offer

| 27/11/2018 | 17 Comments

(CNS): Cayman National Corporation Ltd has stated that the bank has not received any legal or real offer to purchase its shares other than the deal it has made with Republic Bank Trinidad and Tobago (Barbados) Limited. Although a minority of the shareholders claim that they have pulled together a consortium that would see the bank […]

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