This past week the Ansbacher Group announced changes in the services now provided from its Cayman and Bahamas locations.

The Group reported that 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.

Mike Hodgson, Managing Director of Ansbacher’s Caribbean operations said *”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 centralising 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.”*

He added that the company has been in The Bahamas for over 50 years, has a strongly capitalised banking business in the region, and looks forward to growing its activities through these changes.

The Bahamas Financial Services Board welcomed the move, with CEO and Executive Director Wendy Warren commenting *”We are delighted that Ansbacher Caribbean is expanding its operations in The Bahamas. The success of The Bahamas in the private wealth area is a direct result of the strong partnership that exists among all stakeholders involved in the business.”* She also pointed out that over the last three years The Bahamas has been deliberately focusing on the refinement of its wealth management product. Policies and legislation were introduced to ensure the regulatory, corporate governance and anti-money laundering framework conforms to best international standards. *”As a result of this exercise, we are reaping the dividends of increased quality business.”*

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, operating from the United Kingdom, the Channel Islands, the Cayman Islands, The Bahamas, Monaco and Switzerland.