Britannia Bank & Trust Ltd. and Deltec Bank & Trust Limited confirmed yesterday that an agreement was executed for the acquisition of Deltec Bank’s private clients line of business and certain assets by Britannia.
Jose Francisco Herrera, Britannia’s CEO, marked the occasion as a significant step in Britannia’s growth objectives. “We are very excited about taking on this business under the Britannia portfolio, and are equally thrilled about growing our client base.”
According to Britannia’s Chairman Julian Francis, “The business we are in requires that we grow to sustain viability. Portfolio acquisition is an important part of this growth strategy.”
Francis, former governor of The Central Bank of The Bahamas, went on to say: “We are excited about this opportunity to expand our Bahamian business. Initially, we will engage Deltec Bank’s team related to the business being acquired. Naturally, over time there will be some restructuring in the best interest of the business.”
Britannia emphasized that they are not acquiring Deltec Bank as an institution, but that this is a purchase of virtually all of Deltec Bank’s business lines.
“We look forward to offering Deltec Bank’s clients new and innovative approaches to managing their portfolios,” said Francis.
Odetta Morton, CEO of Deltec Bank, expressed the company’s elation: “Our dynamic and hard-working team will be engaged by Britannia, and we view this transaction as creating one of the most dynamic and differentiated banking and trust ecosystems across the globe”.
She added, “We believe that this will result in an optimal path for continuing to deliver best-in-class service, technology, and access to global markets. This will, in turn, benefit our global clients, stakeholders, and employees.”
The completion of this transaction is subject to regulatory approvals.
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