Patrick Bodden Returns to CIMA's Top Management Team

(GRAND CAYMAN - Monday, 12 October 2009) Mr. Patrick Bodden, former Deputy Managing Director (DMD) of the Cayman Islands Monetary Authority (CIMA), has been reappointed to CIMA in the post of DMD, Operations. The appointment took effect on 1 October 2009.

Mr. Bodden previously served as CIMA's DMD from June 2006 to April 2008. Immediately prior to that, he was the Authority's Head of Fiduciary Services, from February 2001. For the last 18 months, he was Head of Operations at Bodden Corporate Services.

In his new post, Mr. Bodden is responsible for advising and assisting the Managing Director in formulating and implementing policies that are directed through or initiated by CIMA's Board of Directors. He has direct oversight of the Finance, Human Resources, Information Systems, and Currency Operations divisions of CIMA and is a member of the Authority's Management Committee, which is primarily responsible for considering and making decisions on applications for licensing / registration of regulated financial entities.

With Mr. Bodden's appointment, CIMA's three DMD positions are now filled. The post of DMD - General Counsel is held by Mr. Langston Sibblies, while Mr. Howard Blacker holds the post of DMD, Supervision.

Managing Director, Mrs. Cindy Scotland, said of Mr. Bodden's appointment: "The Board and I welcome Patrick back to the team. During his previous time at CIMA, he provided excellent leadership support, represented the Authority locally and overseas and led it on numerous occasions. He understands the needs of the Authority and we have every confidence he will again be an invaluable asset."

The new DMD began his financial services career over 20 years ago. He has held a number of senior positions within the Cayman Islands trust and corporate services industry, with a focus on trust structures and corporate vehicles for estate planning and commercial purposes. He has represented the Cayman Islands in various international forums. A 1988 graduate of Embry-Riddle University of Florida, he is also a current member of the Society of Trust and Estate Practitioners (STEP).