Ansbacher announces the restructuring of its Cayman and Bahamas operations

Wednesday, March 31, 2004

LONDON, England: Ansbacher Caribbean Limited, part of the Ansbacher Group, on Tuesday announced changes in the services it provides from its Cayman and Bahamas locations in the region.

The main change is that the existing banking and securities operations in Cayman are to be transferred, over a six-month period, to the Bahamas office. Various other support activities are also to be centralised in the Bahamas office where possible. These changes will result in the loss of approximately 25 positions in Cayman. Regulators in both locations are aware of these changes, and all staff have been informed.

Mike Hodgson, the Managing Director of Ansbacher's Caribbean operations said today "These changes are about delivering more efficient and superior services for our clients in the region, and those elsewhere who bank with us here. By centralizing banking in the one centre it gives us the necessary scale to grow our business in the region. In addition, having a strong fiduciary business in both Bahamas and Cayman allows us to provide clients with appropriate structuring solutions in both jurisdictions.

It is never easy to lose people in this way, but all those affected are being treated appropriately with compensation packages. We have been in the Bahamas for 50 years, have a strongly capitalised banking business in the region, and look forward to growing our activities through these changes." 

The Ansbacher Group provides tailored financial solutions to high net worth clients worldwide. The Group's services span private and specialist banking, wealth management, investment advice, fiduciary and fund services. The Ansbacher Group operates from the United Kingdom, the Channel Islands, the Cayman Islands, the Bahamas, Monaco and Switzerland.

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