A Bahamas-based financial institution has celebrated its fifth anniversary with the inauguration of its financial centre to show its belief this nation can become a “top five” financial centre.
Capital Union Bank’s (CUB) headquarters unveiling was attended by Brent Symonette, minister of financial services, trade and industry and Immigration, as well as John A Rolle, the Central Bank’s governor.
CUB’s Bahamian operations are part of a global network with $30bn in client assets under administration/management, overseen by some 200 staff. The institution’s shareholders have also invested in establishing several Bahamian subsidiaries over the past five years.
These include Premium Life Insurance, an insurance company, and UCAP Bahamas, an asset manager. CUB, in a joint venture with Jean-Marie Formigé, also created Isles of Knight as a financial and corporate services provider, and are due to convert it into a local trust company during the next several months.
CUB’s equity investors have also quadrupled its issued capital base, while affiliated companies have established asset management and financial services entities in the Cayman Islands, Bermuda, Hong Kong, Singapore, Taipei, Tokyo, Bangkok, New York, Miami, Geneva, Zurich and Luxembourg. Other offices will shortly be opened in London, Los Angeles and San Diego.
Lawrence Howell, CUB’s chairman, said: “We have committed ourselves financially through the quadrupling of our CUB capital base, and through the move to our new premises, to helping to further develop The Bahamas into what we believe will become one of the world’s top five international financial centres”.