Equity has received approval from the Central Bank of The Bahamas for the establishment of Equity Trust Bahamas Limited, a new trust company affiliate which will operate from within The Bahamas and conduct business with non-residents only.
Equity Trust Bahamas Limited will provide trustee and corporate services to persons deemed or designated non-resident for Bahamian exchange control purposes. This represents a shift in services for the Group, as non-resident trustee and corporate services will no longer be provided or offered by Equity Bank Bahamas Limited in the ordinary course of business.
The Bank will instead primarily focus on private banking and custody services inclusive of asset management and credit to non-residents and residents, as well as trustee, corporate and investment fund administration services, to a limited extent, to residents only and as deemed appropriate, subject always to relevant regulatory approvals being obtained.
The Board of Directors of Equity Trust Bahamas Limited includes Ivylyn B. Cassar, Dillon R. Dean, Kim D. Thompson, Samantha Knowles- Pratt, and James E. Palacious, who together have over one hundred years of international private wealth management experience across Europe and the Caribbean. They hold designations such as CPA, MBA, Securities Investment Advisor registration, Discretionary Asset Management Representative registration, Series 7, CIARB, TEP, Canadian Securities Institute, and membership with the Bahamas Institute of Chartered Accountants, the Society of Trust and Estate Practitioners, the English Bar and the Bahamas Bar.
“The establishment of a trust company separate from the bank will allow the Group to fine-tune its focus in developing the special expertise that is required to ensure we offer the best possible services for our clients in both areas,” said Dillon Dean, Equity Group CEO.
In the short term, clients can expect formal notice of a name change of the Bank from Equity Bank Bahamas Limited to Equity Bank Bahamas Limited so as to clearly distinguish between the offerings.