Cainvest Bank and Trust has acquired Dartley Securities Business from Dartley Bank and Trust for an undisclosed amount.
The Bahamas-based Dartley Bank and Trust secured a banking and trust license in 1992, and provides high-end banking and trust services for high net worth individuals.
The takeover is part of Cainvest’s strategy to expand its international financial unit and marks the exit of Dartley Bank’s from private banking activities.
Dartley Bank and Trust managing director William Whitaker said: “The exit of the international private banking activities is in line with Dartley's partners focus on business activities in Brazil.”
Cainvest also acquired 100% ownership of Dartley Securities, a securities firm regulated by the Securities Commission of The Bahamas, as part of the deal.
The transaction already secured the nod of relevant regulatory authorities including the Cayman Islands Monetary Authority, the Central Bank of the Bahamas and the Securities Commission of the Bahamas.
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Bank Cainvest CFO Charles Aboulafia said: "The acquisition of Dartley's business will generate many synergies with Bank Cainvest and I look forward to welcoming clients and employees to our organization.
“The acquisition also created the opportunity to expand our Bank's physical presence to The Bahamas, a leading financial centre recognized by its integrity, stability and professionalism."