I OVERVIEW OF M&A ACTIVITY -
According to a report of the Cayman Islands Economics and Statistics Office, the Islands’ economy began to recover from the economic downturn in 2011, with real gross domestic product growing at an estimated annualised rate of 1.1 per cent, compared to a contraction of 3.4 per cent in 2010. The Cayman Islands also witnessed an 11.1 per cent increase in new company registrations in 2011; 9,066 new companies were incorporated compared to 8,157 a year earlier. As of 31 December 2011, there were a total of 92,964 active Cayman companies, not significantly lower than the 93,693 Cayman companies that were active at the end of 2008 (which was the highest number of active Cayman companies recorded on a year-end basis to date).
The latest Global Financial Centres Index (‘GFCI 11’), a barometer tracking the shifts of competitiveness in global financial centres, recently ranked the Cayman Islands as the third-highest ranking offshore jurisdiction. While offshore centres have suffered economic challenges in the past four years, they are reportedly beginning to recover and according to the GFCI 11, the Cayman Islands was the offshore jurisdiction that has improved the most in the six months since the previous GFCI, ranking number 40 in the financial centre rankings overall, up from number 46 in the GFCI 10.
Originally published in The Mergers & Acquisitions Review, 6th edition (published in August 2012 – editor Simon Robinson).
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