UPDATE 1-Embattled Cayman Islands premier ousted in no-confidence vote

* Vote follows his arrest last week on corruption suspicion

* Members of premier's own party joined call for vote

* Caribbean British territory is a major financial center

GEORGE TOWN, Cayman Islands, Dec 18 (Reuters) - Lawmakers in the Cayman Islands passed a vote of no confidence on Tuesday ousting embattled Premier McKeeva Bush from office one week after he was arrested on suspicion of corruption.

Members of parliament voted 11 to 3 with one abstention to remove Bush as the head of government in the British territory, which is a major financial center, offshore home to more than half of the world's hedge funds, and a leading global tax haven.

Bush, a veteran politician who became premier in 2009, has denied any wrongdoing and dismissed calls to resign as premier of the Caribbean island chain after his arrest.

However, support within his own party began to dwindle in the days following his detention.

Five lawmakers from Bush's United Democratic Party joined the opposition in calling for the no-confidence vote, which needed support from 10 lawmakers in the 15-member Legislative Assembly to force Bush from office.

Bush, 57, was arrested on Dec. 11 by members of the Financial Crime Unit of the Royal Cayman Islands Police Service. He was released on bail until February, pending the possible filing of criminal charges against him.

Authorities have declined to give specific details of the investigation but said it included allegations of theft and misuse of a government credit card.

Bush, who has been the target of corruption probes for more than a year, has said he is the victim of a "political witch hunt" mounted by British-appointed Governor Duncan Taylor and other opponents. British officials have denied the claims.

Opposition Leader Alden McLaughlin said last week that allowing Bush to continue as premier after his arrest would undermine confidence in the Cayman Islands, a three-island territory with about 55,000 residents.