Financial services provider Wilmington Trust Corp. announced that it has acquired the Cayman Islands unit of PricewaterhouseCoopers Corporate Services Ltd. The unit provides company administration and bookkeeping services on the islands.
Financial terms of the deal were not disclosed.
"The Cayman Islands are among the world's most attractive jurisdictions for corporate business," said chairman and chief executive of Wilmington Trust Ted T. Cecala, in a statement. "This acquisition deepens our presence in Cayman and reflects our corporate strategy to invest in businesses with excellent potential for long-term growth."
The acquisition enhances the entity management services that Wilmington Trust provides in the Cayman Islands as part of its own Corporate Client Services business. Wilmington Trust commenced operations in the Cayman Islands in 2000 through an affiliate.
Wilmington Trust said that the acquisition will add several hundred new accounts to its book of business in the Cayman Islands, and that all but one of the PwCS staff members will join Wilmington Trust.
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