Close Brothers to purchase Scotiabank units
Financial services provider Close Brothers (Cayman) is going to acquire representative banking, agency and fund administration businesses of Scotiabank.
According to a joint statement, final preparations were being undertaken to ensure a smooth transfer of the business lines by both Close and Scotiabank.
This acquisition is not related to Scotiabank’s retail banking operation and it follows Close’s acquisition of Dresdner Bank’s Cayman-based trust and corporate business in 2005.
Linburgh Martin, Close’s managing director said that this second acquisition within the last 2 years is a significant step for the company, which has grown rapidly in recent years. Martin said that “the acquisition from Scotiabank is a business-transforming deal that fills out certain existing business lines†and it makes Close Brothers the market leader in the bank representation business, which is new for the company.
The transfer of business happened in conjunction with a successful application to the Cayman Islands Monetary Authority (CIMA) by Close Bank (Cayman) to upgrade its Category ‘B’ banking licence to a Category ‘A” licence.
Having granted the licence, CIMA will allow Close to support Scotiabank’s existing representative banking business.
Alana Julie, director of Close Bank (Cayman), said that Close Brothers remains focused on business development to meet the needs of customers and community and that a Category ‘A’ licence demonstrates the company’s further commitment to the Cayman business community and market place.