First step in regional expansion complete
Island corporate service provider SMP Partners had completed the first phase of a planned expansion into the Caribbean.
The firm has acquired the Royal Bank Of Canada's (RBC) trust and fund administration businesses in the Bahamas.
In November 2015, SMP agreed terms to buy RBC's trust, fund admin and custody business across the region. Purchase of the Barbados and Cayman portions of the deal has yet to be completed.
SMP's operation will be based in Lyford Clay, led by Stephen Turner as CEO and managed by Deidree Bain who's been appointed director, after transferring from RBC.
SMP Group has clients in more than 60 jurisdictions and its new office in the Bahamas adds to those in Switzerland, Hong Kong and the Isle of Man, where is group is headquartered.
Pictured: Stephen Turner, SMP CEO - Caribbean Region
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