ITA Cayman Holdings Ltd. (ITA) in a statement said that it agreed to acquire Standard Chartered Trust (Cayman) Limited (SCTC), along with their clients from Latin America.
The ITA Group through its fiduciary arm of ITA Global Trust Company Ltd. provides trustee and corporate management and administration services to high net worth clients, private trust companies, investment funds and privately held companies. A major focus of business for the ITA Group is Latin America and this acquisition further builds the business presence in that region.
The acquisition is subject to regulatory approval. In the meantime both ITA and SCTC will carry on business as usual, whilst the non Latin America clients of SCTC are transferred to their fiduciary entities in Singapore or Guernsey.
“With the growth of Investors Trust Assurance SPC in Latin America, this acquisition also develops our fiduciary foothold within the region. We are excited by the continued growth of our regulated entities in the Cayman Islands, which we consider to be the most sophisticated offshore jurisdiction in the Americas and ideally located for our Latin American clients,” William Zelaya, a Director of ITA said.
It is anticipated that the business of ITA Global Trust Company Ltd. will transfer into the newly acquired company and President Ian Phillips.
“We have seen significant growth in our business during the first three years of operations. This acquisition further cements our fiduciary business and with the addition of staff that will be joining us at our existing Camana Bay location will ensure we continue to provide a personalised service to the needs of our international clients,” President Ian Phillips, said.