News about the Cayman Islands in the Foreign Press
Wednesday, July 27, 2005
Citizens Bank begins creating a presence in the Cayman Islands
Philadelphia. According to Business Journal, USA – Citizens Bank of
Pennsylvania is creating a presence in the Cayman Islands so that it can offer
its commercial clients offshore banking capabilities, tapping into a
controversial line of business some banks have sought to avoid.
Citizens applied earlier this month to the Pennsylvania Department of
Banking to create a Cayman branch, although Citizens CEO Steven Steinour noted
in an interview last week that “it’s not a bricks and mortar thing.”
Steinour said the Cayman presence will give Citizens’ corporate clients,
especially those with a multi-national presence, the ability to deposit
foreign currencies, such as euros, offshore overnight and keep it in the same
time zone. Steinour said Citizens Bank of Massachusetts, a sister bank owned
by parent Royal Bank of Scotland, has offered deposits in the Cayman Islands
for years.
If abused, offshore banking and investment accounts can be used as tax
shelters or as a way for individuals or corporations to hide assets from
governments and creditors. In recent years, the United States has sought to
address tax dodging by forging agreements with the Cayman Islands and other
popular offshore havens to share tax information.
Australian cricketers mired in property failure involving Cayman
transactions
Sydney. According to Morning Herald – three Australian cricket stars, fast
bowler Brett Lee, his brother Shane Lee and former Test player Michael Slater,
could lose the more than $2 million they were repaid over failed property
deals with flamboyant developer Kovelan Bangaru, as other creditors seek the
$50 million they’re owed.
“There is already information from creditors about business dealings in
America, transactions in the Cayman Islands, dealings with Donald Trump,
things like that, if there is any truth to it we will find it,” said
administrator Geoff McDonald.
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