On Monday, 13 October, pursuant to Section 14 of the Bank and Trust Companies Law (1995 Revision), the Governor-in-Council instructed First Cayman Bank Ltd., and Gulf Union Bank Ltd., to close until further notice.
This closure is to allow a full investigation of certain matters that came to light on Friday, 10 October, as a result of the due diligence being undertaken as part of the proposed purchase of First Cayman Bank.
As a result of the instruction, the above banks will be closed for business until further notice.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
For further information please contact Jacqui Crane
ARTICLE
15 October 1997
First Cayman And Gulf Union Banks Closed
Cayman Islands Government
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The Ministry of Financial Services is part of the Cayman Islands Government. The Ministry engages with local and international stakeholders to address policy, regulatory, and legal matters that affect financial services in the Cayman Islands.