Bank Cainvest buys Dartley Securities in Bahamas

Cainvest Bank and Trust Ltd. has acquired the securities business of Dartley Bank and Trust Ltd.

Bank Cainvest now controls 100 percent of Dartley Securities Ltd., a securities company regulated by the Securities Commission of the Bahamas. The deal is part of the expansion of Bank Cainvest’s international financial division, the company said.

“The acquisition of Dartley’s business will generate many synergies with Bank Cainvest, and I look forward to welcoming clients and employees to our organization,” said Charles Aboulafia, chief financial officer of Bank Cainvest.

“The acquisition also created the opportunity to expand our bank’s physical presence to the Bahamas, a leading financial center recognized by its integrity, stability and professionalism.”

The acquisition was approved by the Cayman Islands Monetary Authority, the Central Bank of the Bahamas and the Securities Commission of the Bahamas. The parties did not disclose the financial terms of the transaction.

Cainvest, owned by the Cohab/Aboulafia Group, was formed in 2011 when the Brazilian family holding company acquired Sul America International Bank in the Cayman Islands.

In Dec. 2015, the private bank bought the Cayman Islands banking operations of corporate services provider Intertrust and changed its name to Cainvest Bank and Trust.

The transaction gave Cainvest, which mainly offered back office and clearing services to family offices and institutional money managers, a Class A banking license in the Cayman Islands and the ability to serve as an offshore presence for foreign banks.

At the time, Mr. Aboulafia said the competitive pressure in the banking market was pushing down margins and forcing a consolidation in the industry.

In addition to the sale of its securities business, Dartley Bank is exiting its private banking activities. The bank closed all accounts before to Dec. 31, 2016.

“We are glad with the acquisition by Bank Cainvest, ensuring a smooth transition and continuity for both clients and employees,” said William E. Whitaker, managing director of Dartley Bank and Trust.

“The exit of the international private banking activities is in line with Dartley’s partners’ focus on business activities in Brazil. We would like to take this opportunity to thank the Central Bank of the Bahamas for our long-lasting and successful presence of more than 20 years in the Bahamian banking business.”

Dartley has held a banking and trust license in the Bahamas since 1992.

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