Archive for October, 2010

Cayman-based Property firm to release 3rd Quarter 2010 Results

Thursday, October 28th, 2010

On October 27, Cayman-based company that specializes in specialist property and casualty reinsurer announced that it will release its financial results for the 3rd quarter 2010.

Greenlight Capital Re Ltd. expects to release its results on November 2, 2010. On November 3, there will be a live conference call to discuss the financial results. The conference call title is Greenlight Capital Re, Ltd. Third Quarter 2010 Earnings Call.

Scotiabank expands its wealth management business in the Cayman Islands

Saturday, October 16th, 2010

Scotiabank has completed a transaction aimed to acquire the wealth management business of BNP Paribas in the Cayman Islands as well as in Panama after receiving all regulatory and other approvals.

In the beginning of August, the acquisition of a portion of the wealth management business of BNP Paribas in the Bahamas was completed by Scotiabank.

It should be noted that the deals are not financially material to Scotiabank and terms of the above-mentioned transactions were not disclosed.

According to Chris Hodgson, group head, global wealth management, Scotiabank, “The transaction enhances Scotiabank’s existing operations in the Caribbean and Central American regions, strengthening our ability to serve the needs of our clients.”

Scotiabank has offered personal and commercial financial services in the Cayman Islands since 1968.

Cayman Islands is Top Offshore Centre

Tuesday, October 12th, 2010

According to the Z/Yen biannual qualitative survey, the Global Financial Centres Index 8 (GFCI 8), the Cayman Islands is one of top offshore financial centres. Globally, it takes the 34th position.

As compared with the 2009 survey, this position is a decline for the jurisdiction. The Cayman Islands was down 23 points and 6 places to 34th, which, to some extent, can be attributed to the increased regulatory pressure that offshore.

Cayman’s Transparency recognized by OECD

Friday, October 8th, 2010

The official adoption by the Organisation for Economic Cooperation and Development’s (OECD) Global Forum on Transparency and Exchange of Information has been noted by the Cayman Islands.

This was announced at the recent meeting of OECD in Singapore in a report that included details on the Cayman progress in adhering to international standards, particularly in the realm of tax transparency.

The Cayman Islands was among the 1st in the world – it was 1 of 8 countries to be assessed under the Global Forum’s Peer Review Programme. The reports for the countries assessed by the OECD were approved at the Peer Review Group meeting held in July 2010 in the Bahamas. These were eventually formally adopted at the OECD’s Singapore meeting.

It is worth noting that the Cayman Islands is a member of the Global Forum and a member of the Steering Group and Peer Review Group.

The meeting was attended by a delegation headed by the Cayman Premier and Minister for Finance, McKeeva Bush. When addressing the Global Forum, he highlighted the importance of the Peer Review and commended fellow Peer Review Group members for their excellent work.

The Cayman Islands has already entered into 19 tax information exchange agreements. It also initialed 2 further agreements – with India and Greece – to be signed soon.

Cayman Islands placed among Top Offshore Centres

Sunday, October 3rd, 2010

According to the Z/Yen biannual qualitative survey, the Global Financial Centres Index 8 (GFCI 8), Cayman Islands is placed 34th among top offshore financial centres.

This year the Cayman Islands have experienced a decline – the jurisdiction is down 23 points and six places, according to the survey.

The declines were also noticeable for the Isle of Man’s rating that declined by 20 points and eight places to 32nd. Bermuda was down 20 points and three places to 34th.

The declines can largely be attributed to the increased regulatory pressure experienced by the cayman Islands and other offshore centres recently. The onshore jurisdictions, such as Taipei, Paris and Vancouver, have not necessarily been subject to such pressure.