Citing an inability to best meet the specific needs of some of its international clients, Bank of America’s Cayman Islands trust operations will be shutting down by the end of September 2008.
‘Plans are on course to transfer clients served through our Cayman Island Trust Operations to providers who are able to deliver the expertise and broad-based capabilities that these clients need and desire,’ said John Yiannacopoulos Senior Vice President, Media Relations, Global Wealth & Investment Management.
‘This process is under way through transactions with BNP Paribas, Santander Private Banking and other service providers.’
He said the decision was made to move Global Wealth & Investment Management’s International Wealth Management clients and accounts to providers that are best positioned to meet client needs.
‘We continue to work very closely with affected associates and clients to ensure a seamless transition,’ said Mr. Yiannacopoulos.
Affected clients and accounts are part of Bank of America Global Wealth & Investment Management’s International Wealth Management business only, which does not include all foreign clients of Bank of America.
Mr. Yiannacopoulos said that Bank of America will continue to operate in Cayman under a class-B license, maintaining its treasury services.
After selling off its Latin American consumer banking operations, the bank found it could not adequately meet the needs of its clients in international wealth management.
‘Because Cayman was where we based our international wealth management, we are only doing it because we don’t have the large local presence we once did,’ he said.