Banks take advantage of new markets globally

Eduardo D’Angelo Silva,
President of the Bankers
Association

Monday,  March 13, 2006

The banking industry in the Cayman Islands is forging ahead as new business opportunities present themselves within developing financial centres such as Dubai, New Zealand and Singapore and other onshore jurisdictions evolving in the changing global market place, according to experts. 

This will be one of the important topics explored at the Bankers’ Conference on 22 – 23 May at the Ritz-Carlton.

The President of the Cayman Islands Bankers’ Association, Eduardo D’Angelo Silva, said the conference will focus on the synergies that are developing in banking and other key financial sectors here.

“For the last couple years we have seen high growth in new markets in Asia and Latin America,” said Mr Silva.

“Cayman is already well-diversified in some of these markets, but there are more opportunities to continue to attract new business.”

He added the banking industry has much to offer mutual funds, hedge funds, private equity funds, captive insurance and other specialised financial products, which will also be addressed at the conference. 

“We are seeing that banking is the backbone of financial industry. And over the years it has helped to develop new industries. Insurance and special purpose vehicles are all driven by the strong banking industry so we are working to bringing information about the new industries,” noted Mr Silva. 

Peter Larder with the International Trust Companies Association will talk about how this jurisdiction is standing compared to its competitors like The Bahamas, Bermuda and the British Virgin Islands. 

In particular, he will address what is and is not working in key categories such as trust services, private banking, captive insurance and ask important questions about how much the sector really knows about the target audiences think about when they think of the Cayman Islands. 

John Wallace of Bear Stearns will address the demands for the latest technology in risk management, reporting and due diligence by the increasingly sophisticated modern client. 

Mr Wallace said that in the future clients will migrate to institutions with the best access to exotic financial products, as they become more common. Therefore, banks wanting to stay competitive should be flexible and have alliances with world-class providers of services. 

Other topics on the agenda at the conference include preparing for Basel II, international regulatory environment, European Union Savings Directive, protecting and recovering data, technology developments in the industry, immigration policies and country branding. 

Local featured speakers and panellists will include: CIMA Chairman, Timothy Ridley, CIMA Head of Banking, Malcolm Eden, Chairman of the Business Staffing Plan Board, Sophia Harris, Director of Public Relations for the Portfolio of Finance and Economics, Ted Bravakis, CEO of Butterfield Bank, Conor O’Dea and financial expert, Paul Byles. 

shurna@caymannetnews.com

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