ITA acquires Standard Chartered Trust (Cayman) Limited
Last June 26, 2013, ITA Cayman Holdings Ltd announced a definitive agreement of acquisition for Standard Chartered Trust (Cayman) Limited (SCTC). The acquisition deal stated that ITA would acquire the company along with its clients from Latin America. The ITA Group is a fiduciary unit of ITA Global Trust Company Ltd. The company provides trustee and corporate management and administration for clients with high net-worth values. The company also renders services for investment funds and private firms. The acquisition deal was pushed as the company seeks to increase its presence in Latin America and expand its business.
The deal would be subject to regulatory approval. In the meantime, ITA and SCTC would carry on their business transaction. SCTC clients who were not from Latin America will be transferred to their fiduciary arms in Singapore or Guernsey.
According to director William Zelaya of ITA, the company's growth in Latin America through the acquisition deal would develop a strong foothold within the region. He also announced that the company is excited by the continued growth with its entities in the Cayman Islands. Further he said that the said regulated entities were considered the most sophisticated offshore jurisdiction in the Americas. It is also ideally located for clients in the Latin American region.