The SMP Partners Group is looking forward to continued growth following completion of its acquisition of Royal Bank of Canada's (RBC) trust, fund administration and custodian business in the Caribbean.
Having acquired its first Caribbean regional office in the Bahamas from RBC, towards the end of 2016, its presence in the region has now been further cemented with the acquisition of additional offices in the Cayman Islands and Barbados.
The transaction was subject to standard regulatory approvals and customary closing conditions, which have now been fulfilled. Financial terms have not been disclosed.
The Caribbean team, led by Stephen Turner, is now focused on continuing to grow its business. Mr Turner, CEO – Caribbean Region, said: "The Group's expansion into the Caribbean is a landmark development for SMP Partners and part of its global growth strategy. The acquisition was carefully managed to ensure a smooth transition, and we are now not only offering enhanced services to existing clients but are also intent on growing our regional presence through business development activities and cross selling opportunities across our wider international business."
SMP Partners Group Chairman Steve McGowan said: "I am delighted by this acquisition and it further extends the Group's global network by establishing our presence across the Caribbean. SMP Partners has earned an excellent international reputation within its industry and we look forward to continuing to deliver the same high standards to clients from our new offices."
Headquartered in the Isle of Man, the independent SMP Partners Group is wholly owned by its management and is dedicated to providing first class services from its offices in the Isle of Man, Jersey, Switzerland, Hong Kong and now the Caribbean.