AI Magazine Issue 3 2018

42 Acquisition International - Issue 3 2018 It is no secret that considerable consolidation has occurred and will likely continue to take place among the larger global private banking institutions. ffshore jurisdictions are dominated by these global giants; however, the evolving wealth management environment is not only forcing them to examine how they deliver services to clients, but instead from which centres these services are to be provided. For jurisdictions like The Bahamas, it means the door is slowly opening for home-grown and managed institutions to compete with the larger players in the industry. Equity Bank And Trust Bahamas Limited is one of a small group of Bahamian owned and managed banks and trust companies, which are competing successfully on the international stage. The bank has been in business for more than 30 years, and sees itself as a forerunner for the growing need for locally owned private banking institutions. “It is important and desirable to have a larger number of Bahamians exercising greater control over the private banking industry,” said Ivylyn Cassar, Equity’s Chairman. “An increase in Bahamian ownership of private banking institutions in The Bahamas, is the basis of a healthy competitive environment for both local and foreign owned firms. Also, it influences the level and quality of service, as well as reducing the operating costs and product pricing. As more locally owned institutions come about, there will be less of a need to import foreign management staff thus avoiding the frequent changes in personnel - which is often the case with foreign-owned banking entities,” she said. As an independent boutique bank and trust company, Equity competes with a vast array of multinational players - many of which are located in The Bahamas. The Bahamas is one of the leading international financial centres in the world, with more than 280 banks and trust companies from 36 countries, managing approximately US $200 billion in total assets. Many of which are branches or subsidiaries of financial institutions operating in countries such as the United States, Canada, Switzerland, the U.K. and Japan. These institutions Contact: Ivylyn Cassar Contact Email: icassar@ equitybahamas.com Company: Equity Bank And Trust Bahamas Limited , Equity Trust House, Caves Village, West Bay Street, P.O. Box N-10697, Nasau, Bahamas Contact Telephone: 001 242 676 8181 Telephone: 001 242 676 8188 Web Address: www.equitybankbahamas.com EquityBankAnd Trust Bahamas O 1803AI30 have located in the Bahamas to take advantage of the country’s stable political and economic system, to offer private banking services to high-net-worth and ultra-high-net-worth individuals and families. Despite the far reaching implications of FACTA and a higher global focus on compliance, the Bahamas still maintains its position as one of the leading offshore financial centres. Against this global backdrop, The Bahamas has joined more than 108 countries in the OECD’s Global Forum in formally acceding to The Multilateral Convention on the Mutual Administrative Assistance in Tax Matters (“The Multilateral Convention”). Arriving at this point, required much collaboration between the government and industry stakeholders in The Bahamas in order to address the risks to tax compliance posed by non-cooperative jurisdictions. The Bahamas has also entered the Inclusive Framework on Base Erosion and Profit Shifting (BEPS). Base Erosion and Profit Shifting (BEPS) has been defined by the OECD as tax avoidance strategies that exploit gaps and mismatches in tax rules, to artificially shift profits to low or no-tax locations. Under the inclusive framework, over 100 countries and jurisdictions are collaborating to implement the BEPS measures and tackle BEPS. “The Bahamas indication of a definitive position on BEPS December 2017, demonstrates its proactive engagement with international stakeholders as a means of strengthening the positioning of the jurisdiction,” said Ms. Cassar. “The Bahamas reputation for financial services is just too important to be compromised.” Equity believes its boutique nature is an advantage when competing with other larger institutions in its home base of Nassau according to Ms. Cassar. “Ironically, like our large international counterparts, we too have the advantage of size, or rather our relative lack of it. We are convinced that our strength is our size. With growing emphasis on the individual, focusing on the client is essential – which is a message that we have taken to heart. With our size, we avoid unwieldy bureaucratic structures, being free to concentrate fully on the client and their needs - treating them as if they were our one and only client.” Those clients are now located in all corners of the world, and while wealth is still primarily in the hands PMS801 PMS 130 PMS 186 90%BLK “...our ethos demonstrates our commitment to responsible consultancy; our clients appreciate this and trust us to do the job.”