On September 10, 2014, the Cayman Islands Monetary Authority placed Saad International Bank Limited and Saadgroup Financial Services Company Limited into official liquidation. Effective July 10, 2014, the authority revoked the banks' licenses Category B.
Saad International Bank Limited has Category B banking license number 100136 issued by the Cayman Islands Monetary Authority. This type of license allows Saad International Bank 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 Saad International Bank 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 Saad International Bank Limited failure its depositors will not be paid out any compensation.
The following banks operating under Saad Group brand name has been recently closed down: