The Cayman Islands Monetary Authority has upgraded the banking licence granted to National Commercial Bank’s Cayman subsidiary.

The banking regulator has granted NCB Cayman a Category A banking licence.

As a result, NCB Cayman can now, for the first time, offer its private banking services to high-net-worth residents of Cayman and local businesses for the first time.

NCB Cayman previously held a Category B banking licence, permitting the bank only to conduct non-resident business. This licence was granted when the bank was established in Cayman almost 30 years ago.

Commenting on the licence upgrade, Tuula Jalasjaa, acting managing director of the bank, said: “We are pleased to now provide our private banking services to help high-net-worth individuals locally, as well as globally, to grow and preserve their wealth. We can now also service local companies and look forward to supporting and financing some exciting projects and developments in The Cayman Islands.”

Continuing, she said: “The upgraded licence demonstrates NCBKY’s continued strong commitment to growing our business in the Caribbean, and our belief in The Cayman Islands as the jurisdiction of choice for high-net-worth clients in the region and beyond. We are here to support the ongoing success of Cayman for the long term.”