NCB Cayman (NCBKY) has been granted a Category A banking licence by regulator Cayman Islands Monetary Authority (CIMA).
The Category A banking licence means that NCBKY can now offer its bespoke private banking services to high net worth residents of Cayman and local businesses for the first time.
NCBKY had previously held a Category B banking licence in Cayman, since it was established in Cayman almost 30 years ago, which permitted only non-resident business.
Tuula Jalasjaa, acting managing director of NCBKY, said: “We are pleased to now provide our private banking services to help high net worth individuals locally, as well as globally, to grow and preserve their wealth. We can now also service local companies and look forward to supporting and financing some exciting projects and developments in the Cayman Islands.
“The upgraded licence demonstrates NCBKY’s continued strong commitment to growing our business in the Caribbean, and our belief in the Cayman Islands as the jurisdiction of choice for high-net-worth clients in the region and beyond. We are here to support the ongoing success of Cayman for the long term.”