Trusteeship transferred to Close Brothers

Dresdner Bank Lateinamerika Aktiengesellschaft and Close Brothers (Cayman) Limited recently announced the transfer of DBLA’s trusteeship business to CBCL and the purchase of DBLA’s registered office and company secretarial services provider, DAG Management and Trading Company Ltd., by CBCL.

‘The agreement to transfer DBLA’s trusteeships to Close Bothers and the purchase of DAG Management and Trading Company Ltd. consolidates Close Brothers’ position as a top tier private trust and corporate service provider on the Island,’ Linburgh Martin, Managing Director of CBCL, said in a press release.

‘We have taken on an excellent book of business which will continue to be served by Armando Ebanks and his team who have also transferred from DBLA to Close Brothers. Armando’s team has combined trust experience in excess of 35 years and they will be invaluable in serving our existing clients and facilitating the growth of Close Brothers’ business.

‘I would like to thank DBLA and Dresdner Bank AG for the excellent cooperation we received to transition the business and we look forward to working with DBLA and Dresdner Bank AG in the future.’

Thomas Spang of DBLA said: ‘Dresdner Bank AG, DBLA’s parent, has decided to sell its Latin American Private Banking Business. The sale is part of a comprehensive reorganisation of Dresdner Bank AG’s business in Latin America. The transfer of DBLA’s trust and corporate business in the Cayman Islands to Close Brothers is an integral part of this strategic decision. To ensure that the highest level of service is maintained for our clients, we selected Close Brothers to act as successor service provider. We are confident that this transaction will further strengthen Close Brothers’ position as one of the leading trust and corporate service providers in the Cayman Islands.

‘We are especially happy that Close Brothers has agreed to retain the trust and corporate personnel. I would like to thank Linburgh and his team for their professionalism in concluding this seamless transfer and we look forward to working with Close Brothers in the future.’