Dresdner Bank Lateinamerika has sold its private banking division to UBS and will be closing its Cayman Islands branch in September of this ...

Dresdner Bank Lateinamerika has sold its private banking division to UBS and will be closing its Cayman Islands branch in September of this year. DBLA has had a presence in the Cayman Islands since 1988. UBS’ Cayman Islands operation is focused on fund administration and its private banking business in the region is concentrated in the Bahamas. DBLA’s private banking business will be transferred to the Bahamas. The sale of private banking division is part of a strategy of reorganizing DBLA to focus on its core activities, corporate and investment banking which will be integrated into other European branches of Dresdner Bank. Twenty six employees on Grand Cayman are to be made redundant, all of whom have been offered compensation packages, according to reports.