Close Brothers has acquired the trust business of Dredsner Bank (DBLA) in the Cayman Islands. Terms of the deal were not disclosed. In a...

Close Brothers has acquired the trust business of Dredsner Bank (DBLA) in the Cayman Islands. Terms of the deal were not disclosed. In a statement, Close Brother’s managing director in the Caymans, Linburgh Martin said: “The agreement to transfer DBLA’s trusteeships to Close Bothers and the purchase of DAG Management and Trading Company Ltd consolidates Close Brothers’ position as a top tier private trust and corporate service provider on the island.” He added: “We have taken on an excellent book of business which will continue to be served by Armando Ebanks and his team who have also transferred from DBLA to Close Brothers. Armando’s team has combined trust experience in excess of 35 years and they will be invaluable in serving our existing clients.” A spokesman for Dredsner said: “The sale is part of a comprehensive reorganization of Dresdner Bank AG’s business in Latin America. The transfer of DBLA’s trust and corporate business in the Cayman Islands to Close Brothers is an integral part of this strategic decision. To ensure that the highest level of service is maintained for our clients, we selected Close Brothers to act as successor service provider.”