This principle has guided much of CNB’s strategy, meaning that it continues to extend services to all areas of the three islands that make up the Cayman archipelago. It is the only bank serving the Eastern District of Grand Cayman and is the only bank to offer non-traditional banking hours – opening late and on Saturdays.
If this strategy generates many benefits for the Cayman communities, it also provides lucrative opportunities for CNB. It has exclusive rights to provide banking services in a new multi-billion dollar development project, Camana Bay, a new town being developed on Grand Cayman. CNB opened a full-service branch in January 2008, catering to high-net-worth residents, corporate tenants and local people.
CNB is pursuing opportunities for international growth, too. CNB is the majority shareholder in a new bank to be established in the Turks & Caicos Islands that will offer a full range of banking services to domestic and international clients.
Since its establishment in 1974, CNB has seen consistent growth in its balance sheet and profits with its most successful year being 2007, when a profit of $23m, up 15.5% on 2006, was achieved on assets of $1bn.
“Our strength lies in our long tradition of conservatism and commitment to excellence,” says Ormond Williams, president of CNB. “The Bank of the Year Award is recognition of the hard work of all our staff and management but also a catalyst to achieve even greater success in the years to come.”
