THE banking and trust sector will soon see a new change.This comes with financial services of CIBC Trust operations in Barbados now being acquired by a private banking and investment firm. This island's branch of CIBC Bank and Trust (Cayman) Limited services will be taken over by Bayshore Bank and Trust which already has operations in the island. The latter has entered into a binding agreement to acquire the financial services business of CIBC Bank and Trust. The transaction is expected to close immediately.
. This acquisition follows recent news of Bayshore acquiring Turks and Caicos Islands-based Private Counsel Trust Ltd. The announcement came from John Perry Bujouves, Chairman of Bayshore Bank & Trust.
CIBC (Cayman)'s Barbados branch provides fiduciary, company management and other financial Services to a portfolio of Canadian-based clients. In selling this business to Bayshore, CIBC Cayman has ensured that its Barbados branch clients will be well served by a known and respected name in financial services. All of CIBC Cayman's Barbados branch staff will be offered positions with Bayshore in Barbados so that clients enjoy continued access to their relationship managers.
"We made the strategic decision to acquire businesses that will allow Bayshore to expand its offering to provide the highest level of service to new and existing clientele," says Bujouves. Paul LeBreux, Bayshore's general counsel and a partner of Toronto's
"These acquisitions represent a tremendous step forward for Bayshore and allow the further rapid expansion of our operations throughout the Caribbean, comments Penny Ettinger, Managing Director of Bayshore Bank in Barbados. Bayshore has developed relationships with many of the leading financial services firms in the world in order to manage client investments. The Bank has access to top ranked investment managers through Citibank Smith Barney and UBS Financial Services, and currently has more than $3 billion in assets under administration.
This new venture could stand to bring more innovative services to the financial services offered by CIBC Bank and Trust as the Bayshore Group and its affiliates are some of the world's most innovative financial institutions offering a broad scope of financial products and services.
The Bayshore Group of Companies has been serving investors for over a quarter of a century through its diversified financial operations in Canada, Barbados, the Cayman Islands and Turks and Caicos Islands. Bayshore Bank & Trust, a chartered bank based here in Barbados with affiliates in Cayman Islands and Toronto, and it offers a variety of private banking and investment management solutions to high net worth individuals and corporations. Bayshore offers a varied approach to wealth management that includes a full array of services, ranging from private banking facilities to trustee and company services to offshore financial planning for most offshore jurisdictions, specially designed to meet your needs.