On May 31, 2004, The Grand Court of the Cayman Islands appointed Joint Official Liquidators of Bancredit Cayman Limited. The bank is now in official liquidation that has ceased to accept deposits and carry on business.
Bancredit Cayman Limited has Category B banking license number 88009 issued by the Cayman Islands Monetary Authority. This type of license allows Bancredit Cayman Limited to conduct banking operations with non-residents and domestic banking business with other Cayman Islands licenced entities.
There is no deposit guarantee scheme in the Cayman Islands: in the case of Bancredit Cayman Limited failure its depositors will not get any compensation.
Deposit Guarantee Schemes compensate certain deposits held by depositors of a bank that becomes unable to meet its obligations.
There is no deposit guarantee scheme in the Cayman Islands.
In the case of Bancredit Cayman Limited failure its depositors will not be paid out any compensation.