What's in a name?
In 1985 Cayman National established a presence in the Isle of Man with the incorporation of Caymanx Trust Company Limited. Initially set up to provide trust services, a banking licence followed a few years later, since which time Cayman National has invested steadily in building its service offering to local and international clients alike.
Cayman National in the Isle of Man today comprises of two local operating companies. Established in 2017 Cayman National Trust Company (Isle of Man) Limited was set up to specialise in providing trust and corporate services to the group's clients. At the same time Cayman National Bank and Trust Company (Isle of Man) Limited decided to focus entirely upon its banking and fund custody services. Both companies are fully owned subsidiaries of Cayman National Corporation Limited, a publicly quoted company incorporated in the Cayman Islands. As such they form part of an international financial services group offering a range of banking, investment, trust and fund management services to both domestic and international clients from its offices in the Cayman Islands, Isle of Man and Dubai.
As the final step in their local reorganisation, Cayman National Bank and Trust Company (Isle of Man) Limited changed its name in early April 2018. By dropping "and Trust Company" from its title the Bank became simply Cayman National Bank (Isle of Man) Limited, a name more closely reflecting the nature of the services it provides to its clients.
"With two local companies - one offering banking and one providing fiduciary services - we have completed our local re-organisation", said Managing Director, Nigel Gautrey. "Each company now specialises in the specific services it provides. The change also aligns us more closely to the Cayman National philosophy, whereby each company seeks to excel in its own area of activity."
"Our commitment to the local Isle of Man market has also been reinforced as a result", added Nigel. "We have just announced a major investment in a replacement banking platform, including material enhancements to our online banking service. Previously we could only provide a 'view only' log in for our clients, but research showed this fell short of their expectations. This was particularly the case for corporate and fiduciary clients, so we decided to act and by the end of this year should be able to provide an online transaction service with straight through processing capabilities"
So, are there any further changes planned for the near future? "There are certainly no plans to reorganise our companies or branding further", said Nigel. "Our focus instead going forward is on how we can improve the services we are currently providing to our clients and business introducers. This also forms part of the Cayman National group's broader strategy of investment in the Island, where the ongoing consolidation of the banking sector has created great opportunities for Cayman National to play a bigger role locally".