Having acquired the trust and corporate business from Dresdner Bank Lateinamerika AG, Cayman two years ago, Close Brothers (Cayman) Limited ("Close") continues to expand its business by recently agreeing to purchase three business lines from Scotiabank, Cayman. The agreement includes the transfer of Scotiabank's representative banking, agency and fund administration businesses.
Final preparations are currently being undertaken by both parties to ensure a smooth transfer of the business.
"Being our second acquisition within the last two years, this is a significant step for Close Brothers," stated Linburgh Martin, Managing Director of Close. "We are a company that has grown rapidly in recent years. The acquisition from Scotiabank is a business transforming deal that fills out certain existing business lines and makes us the market leader in the bank representation business, which is a new business for us. We feel this recent transaction further solidifies our position as a leading financial services provider in the Cayman Islands that offers a comprehensive and diversified line of services to meet our clients' needs. We are also remaining true to our strategic goals of expanding by exploiting niche business lines."
The transfer of business occurred in conjunction with an application by Close Bank (Cayman) Limited to the Cayman Islands Monetary Authority (CIMA) to upgrade its Category 'B' banking license to a Category 'A' license, which was approved. The approval will allow Close to support Scotiabank's existing 'representative banking' business whereby clients require administrative and regulatory filing services in the Cayman Islands to ensure compliance with Cayman Islands Laws and regulatory requirements.
"As part of Close Brothers' strategic direction, we remain focused on business development in order to meet the needs of our clients and community," explained Alana Julie, Director of Close Bank (Cayman) Limited. "Taking on the additional business by extending our corporate arm with a Category 'A' licence demonstrates Close Brothers' further commitment to the Cayman Islands business community and market place."
In addition to the transfer of business, Close will also welcome to its existing staff of over 55 professionals nine employees from Scotiabank. Leading the team from Scotiabank will be Mr. Michel Normandeau and Ms. Carmen Thompson-Lopez - Senior Manager Fund Services and Manager Corporate Services respectively. "The transfer of these employees to Close Brothers is in line with Scotiabank's long-standing tradition of treating employees with fairness, equity and with respect, particularly during times of major change and Close Brothers' desire to maintain continuity in the existing high level of service to clients," explained Farried Sulliman, International Managing Director, Cayman Islands, Scotiabank.
"Scotiabank made the strategic decision to discontinue its services with respect to these three lines of business in Cayman so that it can concentrate on and expand its core businesses offering a wide range of retail and commercial services as well as administration of offshore trusts and managed companies," added Mr. Sulliman. "For Scotiabank customers, beneficiaries and employees, it will be business as usual".
Scotiabank and Close Brothers will be working closely together to ensure there is a seamless transition.