Cainvest International Bank, a Cayman-based provider of private banking and investment products and services for HNW clients, has purchased all the shares of trust and corporate services provider Intertrust Bank (Cayman) from Intertrust Holding (Cayman).

Under the deal, Bank Cainvest has merged with Intertrust Bank creating Cainvest Bank and Trust, holder of a Category A banking licence.

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Cainvest Bank and Trust will support Intertrust’s ‘representative banking’ business whereby clients need administrative and regulatory filing services in the Cayman Islands to ensure compliance with Cayman Islands Laws and regulatory requirements.

The deal will see Intertrust Bank’s existing staff joining Cainvest Bank and Trust. The acquisition and merger have received approval from the Cayman Islands Monetary Authority.

The transaction is part of Bank Cainvest’s strategy to boost its service-driven banking operations.

The Intertrust Bank team will now be led by Carmen Thompson-Lopez, chief manager of financial institutions. The financial terms of the deal have not been disclosed.

Cainvest Bank and Trust CFO Charles Aboulafia said: "The acquisition and merger with Intertrust Bank will generate many synergies with Bank Cainvest as both institutions are specialized in serving the global institutional market from the Cayman Islands."

Intertrust Holdings managing director Marije van der Lint said: "The transfer of these activities is in line with Intertrust’s focus on core activities of trust and corporate services, as well as fund administration."