Wachovia now has its own standalone office in Cayman.
The official opening of Wachovia Bank and Trust Company (Cayman) Ltd. was held on Thursday, 16 February with a number of officials on hand including Mr. Robert Newell, president of Wachovia Trust, one of the largest trust organizations in the US.
‘The presence of the president is an indication of the level of importance Wachovia places on this marketplace,’ said Mr. Doyle Dally, managing director of the Cayman office. ‘It’s the first time they’ve had a direct presence in Cayman.’
Wachovia was established as a non-commercial bank here in 1993, and was managed by the Bank of Butterfield until February 2005. The company is a wholly owned subsidiary of Wachovia Bank, National Association, whose parent company is Wachovia Corporation. Wachovia is the fourth largest banking institution in the US.
Growth in business – more than $2 billion under management – and plans for expansion prompted the establishment of a standalone office.
It’s located at Windward 3 in the Regatta Office Park on West Bay Road.
Along with Mr. Newell, Mr. Manuel Perez, a senior vice president and regional managing director, came to Cayman for the official opening.
Mr. Perez pointed out that Wachovia has more than 300,000 clients in the United States that are non-resident, and these are primarily the type of clients with whom the Cayman office will do business.
The ability to draw on the organization’s existing client base provides a platform for the Cayman operation to experience exponential growth, he noted.
Among the guests attending the official opening were Leader of Government Business Kurt Tibbetts, Financial Secretary Kenneth Jefferson and Timothy Ridley, chairman of the Cayman Islands Monetary Authority.
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