ITA Cayman Holdings has agreed to acquire Standard Chartered Trust (Cayman), along with their clients from Latin America.
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The ITA Group through its fiduciary arm of ITA Global Trust Company provides trustee and corporate management and administration services to high net worth clients, private trust companies, investment funds and privately held companies.
The acquisition is subject to regulatory approval. Meanwhile, both ITA and Standard Chartered Trust (Cayman) will carry on business as usual, whilst the non Latin America clients of Standard Chartered Trust (Cayman) are transferred to their fiduciary entities in Singapore or Guernsey.
Ian Phillips, president of ITA Global Trust Company, said: "We have seen significant growth in our business during the first three years of operations. This acquisition further cements our fiduciary business and with the addition of staff that will be joining us at our existing Camana Bay location will ensure we continue to provide a personalised service to the needs of our international clients."
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