Globacor Articles

Bayshore Acquires CIBC Bank And Trust

March 13, 2007

Bayshore Bank & Trust (Barbados) Corporation has announced that it has entered into a binding agreement to acquire the financial services business of the Barbados branch of CIBC Bank and Trust Company (Cayman) Limited (CIBC Cayman).

This acquisition follows the recent news that Bayshore is acquiring Turks and Caicos Islands based Private Counsel Trust Ltd. The latest transaction is expected to close immediately.

CIBC (Cayman)'s Barbados branch provides fiduciary, company management and other financial services to a portfolio of Canadian based clients. In selling this business to Bayshore, CIBC Cayman says it has ensured that its Barbados branch clients will be well served by a known and respected name in financial services. All of CIBC Cayman's Barbados branch staff will be offered positions with Bayshore in Barbados so that clients can enjoy continued access to their relationship managers.

"We made the strategic decision to acquire businesses that will allow Bayshore to expand its offering to provide the highest level of service to new and existing clientele" stated John Perry Bujouves, Chairman of Bayshore Bank & Trust.

Paul LeBreux, Bayshore's general counsel and a partner of Toronto's Bayshore Wealth Management Corporation added: "We look forward to further developing our business relationships with the professional community and our clients globally."

"These acquisitions represent a tremendous step forward for Bayshore and allow the further rapid expansion of our operations throughout the Caribbean,"commented Penny Ettinger, Managing Director of Bayshore Bank in Barbados.

Bayshore has developed relationships with many of the leading financial services firms in the world in order to manage client investments. The Bank has access to top ranked investment managers through Citibank Smith Barney and UBS Financial Services, and currently has more than $3 billion in assets under administration.

By Phillip Morton, Investors