Business in brief: Bank’s back-to-school drive helps 100 students

CIBC employees present Leanora Wynter-Young from the Cayman Islands Department of Children and Family Services with a donation of 100 backpacks filled with school supplies.

Donations by staff at CIBC Bank and Trust Co. from a fundraiser helped provide students with school supplies at the beginning of this school year.

CIBC employees met with Leanora Wynter-Young from the Department of Children and Family Services earlier this month to present 100 backpacks filled with school supplies to 38 high school and 62 primary school students.

The supplies were donated by CIBC staff to benefit families in the Community Development Program.

“This was an idea that was originally generated by our staff and the back-to-school drive was a huge success,” said Daniel Wright, chairman of CIBC Bank & Trust.

New deputy head of CIMA Banking Division

The Cayman Islands Monetary Authority has appointed Shakira Cox as deputy head of the Banking Supervision Division. Ms. Cox is responsible for providing support to the overall operation and management of the division.

Shakira Cox, deputy head of CIMA’s Banking Supervision Division

Ms. Cox began her career with the Ernst & Young office in Barbados in 2007. She joined the EY offices in the Cayman Islands in 2011 and the Bahamas office in 2015, where she primarily served assurance clients ranging from large multinational retail banks to private banks, trust companies, pension plans and hedge funds.

At EY she was also responsible for executing and managing financial and regulatory audits of entities supervised by regional bodies.

Caymanian students intern at Mourant Ozannes

Sixteen young Caymanians gained exposure to the world of offshore law during Mourant Ozannes’ Summer Internship Program.

The law firm’s program provides a learning opportunity for students interested in a career in the offshore legal industry. The students, depending on their studies, either worked alongside lawyers in areas including funds, finance and commercial litigation, or worked with the firm’s corporate services and marketing and business development teams to gain an understanding of how the business operates.

The firm also partners with Cayman Finance’s Work Experience Program to provide real-world experience to students seeking careers in the financial services industry.

The four students from the Cayman Finance program are enrolled at the University College of the Cayman Islands and are pursuing their associate degrees in a range of fields, from environmental science to business administration. Another 12 students applied directly for the summer internship, with six students currently studying law abroad and the remainder studying marketing, business development, consumer behavior and business management.

This year the firm welcomed three returning students who have been a part of the program for the last two to three years.

Intern David Ramsaran said, “I have completed three consecutive summer internships with the firm and I have found it to be thoroughly beneficial to me as a law student. My colleagues have welcomed me back and helped with work that is related to my studies, and I have learnt something new every day. I would definitely recommend the Mourant Ozannes’ internship to anyone interested in a career in law.”

Mourant Ozannes staff and summer interns, from left, Hector Robinson QC (partner), Paige Smyth (human resources administrator), Gabrielle Myers, Kerri Marquardt (board support services manager, MOCS), Jaswindha Singh, Leah Archibold and Keisha Minzett. Back row, from left, Zariah Linwood, David Ramsaran, Nina Foster, Peter Hayden (managing partner, Cayman Islands), Sarah Kelly (chief human resources officer), Hayley Webb and Marissa McField.

Cayman Managing Partner Peter Hayden said Mourant Ozannes “is committed to supporting bright young talent in the Cayman Islands, and we take great pleasure from helping to develop and progress local students’ careers. We aim to provide an experience that will better prepare students for the future, and our intern program also helps us to identify promising young individuals who may be offered the opportunity to progress to our Chantal Whittaker Memorial Scholarship and articled clerk training programs.”

Collas Crill advises on $77 million buyout

Offshore law firm Collas Crill has advised Cirtek Holdings Philippines Corp. on its acquisition of Quintel Cayman Ltd. by way of statutory merger with Cirtek’s Cayman subsidiary, Cirtek Cayman Ltd. The transaction is valued at approximately $77 million.

Founded in the Philippines and listed on the Philippines stock exchange, Cirtek is engaged in providing manufacturing solutions for value-added, highly integrated radio frequency microwave and millimeter wave technology products.

Founded in the U.S. in 2007 and based in New York, Quintel supplies antenna solutions to North America’s telecom carriers.

The Collas Crill team, comprised of partner Stephen Nelson and associate Aoife Madden, advised Cirtek on all Cayman Islands legal aspects of the acquisition.

“This merger reflects an ongoing trend of large multinational entities choosing to carry out mergers and acquisitions through Cayman Islands subsidiaries due to the flexibility and certainty afforded by Cayman Islands legal and regulatory framework as well as the sophistication of its legal services providers,” Mr. Nelson said.

Ogier acts on merger

Offshore law firm Ogier has acted as both British Virgin Islands and Cayman counsel to Pacific Special Acquisition Corp. on its merger with Borqs International Holding Co., which is significantly involved in the internet of things and smart devices sector.

The merger, which closed on Aug. 18, made Borqs a wholly owned subsidiary of Pacific. In return, Borqs former shareholders received a majority stake in Pacific.

Pacific, as holding company of the new group, changed its name to Borqs Technologies Inc.

Borqs, headquartered in Beijing, China, is a leading global provider of smart connected devices and cloud service applications.

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