NatWest International Trust Corporation Group
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This is a digitised version of an article from The Cayman Compass's print archive. Occasionally, the digitisation process introduces transcription errors, or other problems.
See the article in its original context from April 1989.
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This latter Division consists of the ex-RoyWest Companies in the Bahamas and the Cayman Islands, and also includes the operations in the British and U.S. Virgin Islands, and the youngest member of the Americas Division, the Montevideo office in Uruguay. The European Division comprises the Finance Companies and the merged affiliates in Jersey, Guernsey, the Isle of Man, Switzerland, Liechtenstein and Gibraltar, with their new Area Headquarters in Douglas, Isle of Man. The Americas Division still has its Area Headquarters in Nassau, Bahamas, which remains the Head Office of the whole Group. The enlarged NatWest International Trust Corporation Group forms what must be the leading provider of international private banking, trustee and investment services in the world, with a total staff of approximately 703 people.
Of these 309 are located in the Americas Division, while the European Division accounts for approximately 394. The acquisition of the RoyWest Companies suited the NatWest strategy with respect to its new emphasis on. International Private Banking. It also increased the NatWest Group's strength in key offshore jurisdictions such as the Bahamas and the Cayman Islands, as well as enhancing NatWest's ability to provide a wide range of offshore financial services from a variety of locations. The Balance Sheet of NatWest International Trust Holdings Limited, as at the new fiscal year end on 30th November 1988, revealed total assets of US$3,856 millior which establishes the Company as a very sizeable international private banking operation in its own right.
The issued and paid up capital of the New Group is US$184.5 million. In the same way that the NatWest International Trust Corporation Group continues to grow in stature, its parent National Westminster Bank PLC recently confirmed its position as the Premier Bank in the U.K. and also as a major participant on the international scene. Retained Profit % 1,196 + -100 443 + 176 8,301 + 22 NatWest now has a staff of 111,000 worldwide and is represented in 34 countries. Its core business is in the U.K. where it has: Over 6 million personal accounts
41% of the student market
Almost 1/3 of business start-ups. It is also making strategic moves internationally, most notably in the U.S., where it is now the 14th largest Regional Bank in the North East with over US$2,000million of U.S. assets including 285 branches employing 9,050 people. NatWest is one of only seven quoted banks in the world which enjoys the premier AAA rating for their senior long term debt from both Moodys and Standard & Poors, the leading rating agencies. Category
Shareholders Funds World Ranking 20 The Spanish Banco NatWest March acquired 84% of Banco de Asturias in June - adding 63 branches in Spain to an existing network of 96. In October the Bank raised £105million by public offering in Japan of 20million new ordinary shares. The same month NatWest acquired 5 new branches in France, the provincial network of Banque de l'Union Europeene. NatWest announced the acquisition of French stockbrokers Sellier SA in December. John Plastow, a Director of NatWest and Chairman of NatWest International Trust Holdings Limited, recently announced during meetings in Nassau that the Board of Directors has accepted the retirement statements of Donald R. Kester, effective 30th April 1989, and Gerald Mulrine, effective 30th November 1989. He went on to say, "The Board received this news with great regret since their long association with the Group has coincided with a period of significant growth and success." The Board was further pleased to announce the appointment with effect from 1st December 1989 of Peter ap G. Stradling to succeed Gerald Mulrine as President of the Group's European Division. Subject to Government approval, Mr. Stradling will be succeeded by J.E. (Ted Hall) who will transfer from NatWest International Trust Corporation, Europe to Americas as Managing Director, NatWest International Trust Corporation, Cayman, and Executive Vice President, Americas.
Mr. Hall in his new position will, in addition to his responsibilities in Cayman, be responsible for the administrative activities of NatWest International Trust Corporation, Uruguay. Mr. Hall joined the Trust operations of the Westminster Bank in 1950 and has been in the trust industry since that time.
Mr. Hall is currently Executive Vice President Europe, a position he took up in May 1988. Prior to that appointment he was Managing Director of National Westminster Jersey Trust Company, the largest of Nat-West's offshore Trust Companies. NatWest International Trust Corporation Cayman plays a vital part in the new Group's business activities and operations in Latin America and the Caribbean. Peter Stradling, a Director of the holding company and presently Managing Director of NatWest International Trust Corporation Cayman, is also the Executive Vice President of the Americas Division responsible for the direction of the Group's affiliates in the American and British Virgin Islands. lands, and the rapidly expanding Representative Office in Montevideo in Uruguay. Mr. Stradling's tasks also include the supervision of the Group's marketing activities in Latin America and the Caribbean, and NatWest International Trust Corporation Cayman has already succeeded in attracting a considerable amount of good quality Latin American business to Grand Cayman as a result of its intensive marketing campaigns in the region over the last few years. in 1986 plans are now afoot for an extension to the building to cater for the growing numbers of staff needed to service the increased business that has arisen from its successful marketing strategies in Latin America. It is interesting to note that the payroll for the 106 staff, at NatWest International Trust Corporation Cayman together with the sums paid to Government in respect of fees for work permits, Managed Bank and client company licences are estimated to inject some Cl$4 million per annum into the local economy.
