The new subsidiary has been renamed Banque Havilland (Bahamas) and will remain in its current offices, Banque Havilland said in a statement.

The deal gives Banque Havilland 100 per cent of the shares in Pasche Bank & Trust from Banque Pasche Geneva.

Jean-François Willems, CEO of Banque Havilland, said the deal would help to strengthen access to the strategic growth markets of Latin America and the Middle East.

“Over the last 12 months our group has been developing an international network of locations from which we can best support the needs of our UHNW client base. They are global citizens with complex investment and wealth management requirements who need a financial partner that can support them on an international basis,” he added.

Banque Havilland is a private banking group established in 2009 by the Rowland family and is headquartered in Luxembourg with offices in London, Monaco and Liechtenstein.