EFG Receives Cayman Islands Licence

Paul Adams

26 April 2007

EFG Wealth Management , a subsidiary of EFG Bank & Trust , has been granted a full Securities Investment Business License by the Cayman Islands Monetary Authority. EFG Wealth Management will provide full advisory and discretionary services to both high net worth individuals and institutions including captive insurance companies. The business will be headed by Glenn Mitchell who joined EFG in January 2007. Steve Mackey, CEO Canada & Caribbean said: “We are delighted to have been granted this license from the Cayman Islands Monetary Authority. This will enable us to further expand our regional presence in the Caribbean region, following the opening of EFG Bank & Trust in Nassau last year.” Lawrence Howell, CEO of EFG International, said: “We are very pleased to be extending our franchise in our fast growing Caribbean-based business. The addition of a fully licensed subsidiary in the Cayman Islands is another important step in the development of our Private Banking franchise through organic growth.” EFG International is a global private banking group headquartered in Zurich.