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Bank of Asia Powered Up for Its New Chapter of Growth

By Bank of Asia   Mrs. Lorna Smith, OBE welcomed the Bank's guests on behalf of its Chairman, Mr. Carson Wen, and the other members of the Board of Directors.   Chairman of BVI Finance and Regional Managing Director of Trident, Mr. Nick Bishop in his brief remarks, expressed his pleasure and gratitude that the principals of Bank of Asia had taken the decision to open a bank in the BVI. He considered the advent of the Bank of Asia to be a positive story and encouraged the industry to support the Bank.   President of the Bank Ms. Lisa...
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Cayman’s Offshore Banking Sector Shows First-quarter Growth

By Michael Klein   In the first quarter of 2020, the assets and liabilities of Cayman Islands banks both increased for the first time in years.   The number of resident banks declined to 124 at the end of March, down from 125 at the end of 2019 and 133 at the end of 2018. But banking assets grew from US$662.7 billion to $727.5 billion in the first quarter and corresponding liabilities jumped from $662.2 billion to $723.9 billion, Cayman Islands Monetary Authority statistics show.   Since the financial crisis in 2007, cross-border assets and liabilities reported by banks licensed in...
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Offshore Bank Accounts - Account Opening

By Gerard Field   As a CEO of an international private bank, I find clients will spend much time and effort in selecting the right offshore jurisdiction for them taking into account the legal framework, regulations and whether the jurisdictions meet their individual requirements for what they require to be that asset protection, privacy, and strength of regulator to name a few key areas.     Once jurisdiction has been selected then a review of the banking partners that are available will be a key determinant of using that jurisdiction. Considerations will include how strong the bank is in terms of a...
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The Future of International Private Banking in the Next "Normal"

By Cheyenna Calderon   COVID-19 has impacted all aspects of life and many of the changes it has brought will be here to stay. Private Banks post-COVID are being called on to reinvent themselves and become more agile and responsive in order to thrive in this new world. For international families and corporate entities that utilize private banks and have assets and interests in offshore jurisdictions like the Cayman Islands, COVID has brought on some enhanced expectations that Private Banks and their Bankers need to meet going forward.   According to the 2020 McKinsey Affluent, Private, and HNWI Customers’ Insights Survey, clients are...