NASSAU, BAHAMAS — Deltec Bank and Trust Limited (Deltec) has executed a share purchase agreement (SPA) for the purchase of Ansbacher (Bahamas) Limited, the oldest private bank in The Bahamas.
The completion of the acquisition is subject to regulatory approvals, which are expected in the coming weeks.
Andrew C Alexiou, managing director, Ansbacher, said: “AF Holdings has taken the strategic decision to divest its interest in Ansbacher in order to focus on other investments and business interests in The Bahamas.
“The decision to divest Ansbacher does not impact any other AF Holdings entities or investments.”
Ansbacher joined the AF Holdings family more than a decade ago. During that time, Ansbacher has become one of the foremost private banks in The Bahamas, building and maintaining employee and customer trust through its commitment to integrity and the highest professional and industry standards.
Deltec’s acquisition of Ansbacher is aligned with its strategy to add scale, reach and capabilities, solidifying its position as a leading international bank.
Odetta Morton, chief executive officer of Deltec, said: “We pride ourselves in offering unique value to our clients with innovative financial services, grown on traditional roots.
“The imminent acquisition enables us to expand our reach and capacity as we continue to invest in the future of banking through leveraging our combined expertise, network and services.”
Morton noted that this latest acquisition will also result in greater product innovation, bringing unique, highly valued services to its clients.
“The acquisition brings together two companies with deep knowledge and expertise to create not only one of the largest international banks in The Bahamas and Caribbean, but a globally focused bank — one that creates even more client value, delivering consistent performance,” she said.
Under AF Holdings’ ownership, Ansbacher has enjoyed management of over $7 billion worth of assets, offering unique long-term solutions that ensure asset protection and estate planning for future generations.
Alexiou said: “Ansbacher’s board of directors and shareholders have full confidence that Deltec is well-placed to lead Ansbacher to the next phase of success, continuing to deliver exceptional performance with integrity and professionalism and working together to play its part in The Bahamas’ economic success.”