2008 in Review

Although investment and credit markets have remained fragile, the conservative approach of the Cayman National group has held us in good stead, and has positioned us well for future growth when more favourable economic conditions return.

Cayman National has weathered the considerable turmoil in the international financial markets because it remains a very conservative and sound organisation. The group has had no direct exposure to the 'sub-prime' issues that have seriously impacted so many financial organisations around the globe. Our strategy throughout the Group has always been one of prudent and conservative investment. Despite the attractions of the higher risk investments available in recent years, we maintained our cautious policies which now service us well in difficult times.

Despite the extremely challenging conditions, we have seen strong growth in all areas of our business, and we are grateful to our professional friends and customers for the opportunities and support that have been offered to us over the past twelve months.

Elsewhere in the group, the establishment of a representative office in Panama earlier this year, and the forthcoming opening of our new representative office in Dubai should both serve as drivers of additional business for us.

Looking to the future, we are confident that our strategy remains appropriate, and that we will benefit in the medium term from the steps that we have taken thus far.

In lieu of sending formal Christmas Cards this year, we are making appropriate donations to Isle of Man charities.

On behalf of the directors, management and staff, I would like to wish you a very merry Christmas, and a happy and peaceful New Year.

Ian Bancroft
Managing Director
Cayman National Bank & Trust (Isle of Man) Limited

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