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CIMA Banking Supervision Department To See New Chief

by Glen Shapiro,, New York

30 October 2007

After heading the Banking Supervision Division of the Cayman Islands Monetary Authority (CIMA) for over two years, Malcolm Eden has announced he will be leaving the Authority on 31 January 2008 to pursue other endeavours.

His successor will be Reina Ebanks, a former Deputy Head of Banking and consultant to CIMA. Mrs Ebanks is currently part of Butterfield Bank's Enterprise Risk Management Department.

Mr Eden was appointed as Head of Banking in September 2005 following successive promotions within the Banking Supervision Division, including to the post of Deputy Head of Banking in 2003.

He had been with the Authority since its inception, having joined its predecessor, the Financial Services Supervision Department (FSSD) of the Cayman Islands Government, in 1996 as a junior analyst.

Mrs Ebanks will take over as the new Head of Banking on 1 February 2008. Like Mr Eden, she worked with the FSSD from 1996 and continued with CIMA until 2004, holding the Deputy Head of Banking post from August 2001.

In 2006, she returned to CIMA for six months as a special projects consultant in the Fiduciary Services Division. Mrs Ebanks holds an MBA from ICCI and a bachelor's degree in business administration from Hampton University, USA.

Announcing the changes, the Authority's Managing Director, Mrs Cindy Scotland, stated that: "We are sorry to see Malcolm go as he has made a significant contribution to CIMA, particularly over the last few years as part of the management team.

"Not only has he had responsibility for the regulation of Cayman-licensed banks and non-bank financial institutions, which now number 357, but for assisting with the regulation of the financial industry as a whole and the implementation of a number of prudential rules and statements of guidance.

"He also laid the foundation for our upcoming phased implementation of the new Basel II capital adequacy framework. At the same time, I am confident that Reina will continue the excellent leadership as she knows CIMA thoroughly and is well qualified. I look forward to having her as part of the team."

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