The Cayman Islands is recognised as a premier international
financial centre and the banking sector is a vital support
mechanism for financial services. Banking in Cayman provides a dual
functioning role within the financial services industry. Retail
banks provide a full range of products and services to residents
and local commercial entities and at the same time act as a service
provider to other financial services, such as the fund and captive
insurance sectors.
Cayman offers a breadth of banking services that is on par with
the major financial centres of the world. As at June 30, 2017,
there were 158 licensed banks in Cayman, six of which are Retail
Category 'A' banks licensed to conduct business with
domestic and international clients. There are five non-retail
Category 'A' banks and 147 Category 'B' banks,
servicing international clients and carrying out limited domestic
activity.
