Developing world life specialist to buy Standard Chartered’s Cayman Trust business
By Ann-Marie Corvin From International Adviser
Investors Trust Assurance (ITA) has agreed to buy Standard Chartered’s Cayman Island Trust business, in a bid to expand its offshore Latin American customer base and products.
The sale – made through ITA’s Cayman Holdings company – includes the purchase of the international banking firm’s Latin American customers, and is subject to regulatory approval.
Pending receipt of approvals, both ITA and SCTC will operate as usual, ITA said in a statement. The firm added that non-Latin American clients of Standard Chartered Trust (Cayman) will be transferred to its fiduciary entities in Singapore or Guernsey.
According to ITA – which specialises in providing products to high net worth individuals in developing countries – its fiduciary arm, ITA Global Trust, will merge with the newly-acquired company to further strengthen its foothold in Latin America.
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