Banking & money
New bill aims to slow down home foreclosures
(CNS): The Law Reform Commission has issued the draft Registered Land (Amendment) Bill, 2020 for comment after consultations led to a bill that will slow down the foreclosure process and require lenders to engage with borrowers before taking people’s homes. The legislation, which had input from both the public and stakeholders, is the product of […]
Faster local cheque clearing ‘soon come’
(CNS): Three years after the six local high-street banks entered into an arrangement to make moving money between them quicker and easier, the next phase in the project, which will enable faster cheque clearance, will be completed before the end of the year. In the past a cheque cut on an account from one bank […]
Bank needs collateral for cheap loans
(CNS): The Cayman Islands Development Bank is offering 1% interest loans with “excellent terms and conditions” to small businesses as part of the government’s economic recovery package. However, borrowers will still need to provide an acceptable form of “security to be held as collateral for the loan”, the bank’s CEO and director, Tracy Ebanks, told […]
Pension fund fine, says Fidelity boss
(CNS): Concerns over the Fidelity pension fund have been dismissed by the president of Fidelity Bank (Cayman), Brett Hill, who told CNS on Monday that all valid applications made by its 11,000 members to take money out as part of the emergency withdrawal will be met. The form is now available on the website and […]
Hacktivists target CNB in Isle of Man
(CNS): Cayman National Bank has announced that its subsidiaries in the Isle of Man were hacked by a well known hacking group on Sunday. Although the bank has not named that group, it appears from European media that it was Phineas Fisher, an infamous, anti-capitalist vigilante hacker group that targets banks and other major corporations […]
Butterfield to move ten local jobs to Canada
(CNS): Butterfield Bank is losing ten local jobs, officials have confirmed, as part of a restructuring announced by the financial institution that will see positions migrating to the support services centre in Halifax, Nova Scotia, Canada. Twelve posts in Bermuda and ten here in the Cayman Islands will go. All of the job losses are in the […]
Development Bank has $16+M in bad debt
(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 […]
Scotiabank adopts LGBTI business rights
(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, […]
Clock ticks for input on mortgage law reform
(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 […]
Republic to retain status quo at Cayman National
(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 […]
Cayman National sale to Republic done-deal
(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 […]
