Deltec Bank and Trust Limited (Deltec) has made a share purchase agreement (SPA) to acquire private bank Ansbacher (Bahamas) from financial services company AF Holdings, according to local media reports.
The completion of the deal is subject to regulatory approvals, which are expected in the coming weeks.
The acquisition of Ansbacher will help Deltec’s strategy to add scale, reach and capabilities as an international private bank.
The financial terms of the deal were not disclosed.
Expand reach and capacity
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.”
Andrew Alexiou, managing director at 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.”