Isle of Man-based SMP Partners Group has concluded the acquisition of the Caribbean trust, fund administration and custodian business of Royal Bank of Canada’s (RBC).
The deal was closed following receipt of standard regulatory approvals and fulfillment of customary closing conditions.
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SMP snapped up its first Caribbean office from RBC in the Bahamas in the end of 2016. Later on, it bought additional offices in the Cayman Islands and Barbados. The Caribbean team is headed by Stephen Turner.
“The Group’s expansion into the Caribbean is a landmark development for SMP Partners and part of its global growth strategy. The acquisition was carefully managed to ensure a smooth transition, and we are now not only offering enhanced services to existing clients but are also intent on growing our regional presence through business development activities and cross selling opportunities across our wider international business,” Turner noted.
Currently, SMP offers corporate and trust services from offices across Isle of Man, Jersey, Switzerland, Hong Kong, and the Caribbean.
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