The Tribune

By FAY SIMMONS

Tribune Business Reporter

jsimmons@tribunemedia.net

Deltec Bank and Trust has officially completed the sale of its private client banking and fiduciary business to Brittania Bank. The acquisition, which was announced in September, has now been finalised after meeting the required regulatory and labour standards.

In a statement, Brittania confirmed the successful completion of the acquisition, which included the transfer of Deltec’s Private Client line of business.

“The completion of the transaction was subject to necessary regulatory requirements being met, clients being appropriately advised, and employee matters addressed in accordance with the Bahamas Employment Act,” the statement said.

As part of the agreement, Deltec Bank assured its clients that their accounts would be transferred “automatically and seamlessly” to Brittania without incurring any additional costs.

The transfer of your account is anticipated to occur automatically and seamlessly. Importantly, there will be no costs associated with this transfer and you will immediately gain access to Britannia’s network of financial services,” said Deltec Bank.

Deltec further emphasised that throughout the transition, client services would remain uninterrupted.

“Your dedicated relationship manager will remain your primary point of contact, continuing to provide the same level of service you’ve come to expect,” the bank assured clients.

Additionally, Deltec offered clients the opportunity to meet with Brittania executives, should they wish to discuss the transition and explore the benefits of the acquisition.

“As part of this transition, we can arrange for you to meet with the executives of Britannia, at your request. This will be an excellent opportunity for you to discuss what to expect, learn about the benefits of this transition, and get acquainted with the team that will be supporting you moving forward,” Deltec said.