Oceanic Acquires PwC's Trust And Corporate Management Business In Barbados

by Amanda Banks, Tax-News.com, London

09 September 2002

It emerged recently that respected Bahamas-based private wealth management bank, Oceanic Bank and Trust has expanded its operations, having acquired PricewaterhouseCoopers' international trust and corporate management business in Barbados.

Speaking in late August, following the acquisition, Oceanic's Managing Director, Bruce Bell explained that the move 'will provide us with business that is highly complementary with our core Bahamian business.' He went on to add that: 'Barbados, as a jurisdiction, has concentrated on the development of tax treaty related business and we now find ourselves in the enviable position of having operations in The Bahamas, a zero tax jurisdiction and Barbados, a tax treaty jurisdiction.'

Commenting on the transfer late last month, PwC Barbados Partner, Wayne Fields revealed that: 'Our decision to sell our trust and some of our corporate management business to Oceanic was dictated by PwC Global because of perceived conflicts of interest.' He praised the Nassau-headquartered bank for accomplishing the move with the minimum of disruption to existing clients, and dubbed the new venture 'a valuable addition to the expanding Barbados financial services community'.

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