Intertrust, a global trust and corporate services company and the newest member of Cayman’s financial services sector, hosted its ribbon cutting and grand opening Wednesday afternoon.
“Cayman offers us the opportunity to grow and be a part of the local economy,” said Kanika Green, Managing Director of Intertrust. “We are confident in the future, and we look forward to much success and growth for years to come.”
Intertrust, now independent from its previous owner, Fortis Bank Nederland, opened an office here to target primarily Fortune 500 companies and private equity firms, according to company officials, with the hope also of creating new business as “an international player.”
The Cayman Islands Intertrust office brings the total number of Intertrust offices worldwide to 30 among 23 countries, employing 1,000 people.
Calling Intertrust’s opening a symbol that Cayman is “open for new business,” the Hon Mike Adam, Minister of Housing and Community Services, credited Cayman’s “attractive” market as a key selling point to financial services companies.
“We have embarked on an aggressive campaign to remind the international community that the Cayman Islands is a prime location for investment,” said Mr Adam. “This grand opening is an indication of new hope regarding Cayman’s financial services sector, and we wish you renewed success year after year.”
David de Buck, Intertrust CEO, said that the decision to open an office here was “to better support our existing clients who make Cayman their home as a jurisdiction. We also are looking to expand our fund administration business here.”
The Intertrust CEO said he also considers the Cayman Islands “a well-regulated jurisdiction with a very developed financial services industry,” commending the local government, particularly the Cayman Islands Monetary Authority, for their support.
“It is really good for us to be here because there is a very good public and private sector partnership,” said Gosse Devries, Managing Director Intertrust Curacao, who attended the opening ceremony. “We find it very important that there is a good reputational supervisory organization, and we are delighted to be serviced by CIMA.”
In light of the global economic crisis, Patrick Bodden, Deputy Managing Director CIMA, said that “it is a testament of Cayman’s resolve” to see new business coming to the Cayman Islands.
“It is an indication of the strength of our financial services market, and we will continue to deliver high quality services on behalf of CIMA,” said Mr Bodden.
“We have positioned ourselves as a top international centre. We are internationally compliant, and are always happy to assist in the establishment of offices in the Cayman Islands, once licensing and due diligence has been satisfied.”
The Financial Secretary of the Cayman Islands, Kenneth Jefferson, also attended the ceremony, calling Intertrust “one of the largest players” in the financial services industry.
“We are pleased that Intertrust is a part of our global network,” he said, noting both the challenges and opportunities that lie ahead for the financial services industry.
“The government, as well, sees opportunities and challenges, and we are looking at how best we can position ourselves as a global financial market.”