Wilmington Trust announced today that it has acquired
PwC Corporate Services (Cayman) Limited (PwCS), a provider of company
administration and bookkeeping services in the Cayman Islands, from
the accounting firm PricewaterhouseCoopers.
The acquisition enhances the entity management services that
Wilmington Trust provides in the Cayman Islands as part of its
Corporate Client Services (CCS) business. Wilmington Trust commenced
operations in the Cayman Islands in 2000 through its affiliate
Wilmington Trust (Cayman), Ltd.
"The Cayman Islands are among the world's most attractive
jurisdictions for corporate business," said Ted T. Cecala, chairman
and CEO of Wilmington Trust. "This acquisition deepens our presence in
Cayman and reflects our corporate strategy to invest in businesses
with excellent potential for long-term growth."
PwCS's corporate services include incorporation, registered
office, and directorship services, bank account and records
management, bookkeeping, and other services for corporations, trusts,
and other entities. This acquisition adds several hundred new accounts
to Wilmington Trust's book of business in the Cayman Islands. All but
one of the PwCS staff members associated with this business will join
Wilmington Trust. Wilmington Trust's local office is in Cricket Square
in George Town, Grand Cayman, and is led by Andrew Johnson, vice
president.
"As business becomes more global, many companies are increasingly
looking to conduct their activities in advantageous locations, such as
the Cayman Islands," said William J. Farrell II, executive vice
president and head of Wilmington Trust's CCS business. "With our
specialized expertise and extensive reach, Wilmington Trust is able to
deliver corporate services to clients in Cayman and beyond."
Wilmington Trust is a leading provider of entity management and
fiduciary services to clients worldwide. Entity management services
help corporate clients establish and maintain "nexus," or legal
standing, in jurisdictions around the globe that offer favorable legal
and tax environments. Fiduciary services are essential to the
successful structuring of many corporate business activities.
Wilmington Trust does not participate in most corporate financing,
securities underwriting, or certain other advisory activities, which
allows it to provide conflict-free services that many corporate
clients require.
Other recent examples of Wilmington Trust's growth strategy in the
CCS business include its entry into captive insurance management
services last summer and the expansion of its entity management
services into Dublin in late 2004.
Terms of this acquisition were not disclosed. Revenue and expenses
associated with the acquisition will be consolidated into Wilmington
Trust's financial statements. It is anticipated that the acquisition
will have a neutral effect on Wilmington Trust's earnings.
Wilmington Trust Corporation (NYSE:WL) is a financial services
holding company that provides wealth management and specialized
corporate services to clients throughout the United States and in 85
other countries, and commercial banking services throughout the
Delaware Valley region. Its wholly owned bank subsidiary, Wilmington
Trust Company, which was founded in 1903, is one of the largest
personal trust providers in the United States and the leading retail
and commercial bank in Delaware. Wilmington Trust Corporation and its
affiliates have offices in California, Delaware, Florida, Georgia,
Maryland, Nevada, New Jersey, New York, Pennsylvania, South Carolina,
Vermont, the Cayman Islands, the Channel Islands, London, and Dublin.
For more information, please visit www.wilmingtontrust.com.
