Cainvest International Bank Ltd has gained approval for listing on the Cayman Islands Stock Exchange under the symbol CIB.
“Listing on the CSX is an important milestone in Bank Cainvest’s growth strategy,” said Charles Aboulafia, chief financial officer at Bank Cainvest. “Bank Cainvest will adhere to stringent corporate governance procedures, and thereby ensure transparency for shareholders, customers and counter parties. Furthermore, being a listed company increases public awareness of the company and its products and enhances the status of the bank,” he said.
Bank Cainvest, headquartered in the Cayman Islands, offers private banking services for family offices, institutional clients and focuses on high net worth individuals with liquid assets between $100,000 and $5 million.
Mr. Aboulafia said investors value additional transparency and the bank has good reason to embrace this trend. “We have one of the cleanest balance sheets in the banking sector,” he said. Following the listing, this information will be publicly available.
After taking over Sul America Bank in the Cayman Islands last year, he said the bank has concluded the transition, cleared the balance sheet, upgraded infrastructure and expanded the bank’s range of services. The listing will now enable the bank to respond to market opportunities quickly.
“We are considering expansion and we are open to growth plans. We do not have the obligation but when an opportunity presents itself in a dynamic market we are able to react much more quickly,” Mr. Aboulafia said, adding the bank has $10 million available for investments.
Cainvest has chosen the Cayman Islands Stock Exchange because of its popularity and the large number of companies, funds and debt instruments that are listed there. “This gives us comfort,” he said.
In addition, there is significant overlap between the information required, in terms of corporate governance and compliance, by the Cayman Islands Stock Exchange for the listing and what has to be submitted to the local banking regulator, the Cayman Islands Monetary Authority. This facilitated the one-year process of becoming a listed company.
“Following the extensive marketing initiative of the Ministry of Finance in Brazil we are pleased to welcome Cainvest International Bank Ltd to the Cayman Islands and to the CSX family of listed companies,” said Anthony Travers, chairman of the Cayman Islands Stock Exchange. “We are keen now to encourage the listing of growth companies and we wish Cainvest every future success.”
Walkers acted as Cayman Islands legal counsel to Bank Cainvest. “We are delighted to have been able to assist Cainvest on this admission to the Cayman Islands Stock Exchange. This represents an exciting opportunity for Cainvest,” said Ramesh Maharaj, a partner in the Corporate and Finance group of Walkers, Cayman Islands.