Amerant Bancorp Inc has completed its acquisition of Grand Cayman-based Mercantil Bank and Trust Limited (Cayman) from Mercantil Holding Financiero Internacional (Mercantil), a former affiliate.
The Board of Governors of the Federal Reserve System and the Cayman Islands Monetary Authority approved the acquisition.
“This acquisition continues to strengthen our ability to seamlessly offer customers specialised personal wealth management and private banking services to meet their evolving financial needs,” said Millar Wilson, vice-chairman and CEO of Amerant. “It furthers the growth strategy for our wealth management business, and deepens and strengthens our international customer relationships.”
The Cayman Islands-based bank, which has approximately $195 million in assets under custody and management, is now wholly owned by Amerant Bank, NA and has been rebranded “Elant Bank and Trust Ltd”. The bank also serves and develops high net worth international customer relationships with offshore trust and estate planning services.
Amerant Bancorp Inc and its subsidiaries managed the Cayman Bank on behalf of Mercantil for approximately 30 years under service agreements. Amerant Bank and Amerant Trust will continue to manage the Cayman Bank.
“The Cayman Islands have long been the ‘crown jewel’ for establishing trusts,” Wilson underscored, adding: “As part of executing our relationship-focused strategy, our customers, especially our international customers, can benefit from Amerant’s decades of experience to better customise wealth management solutions that help them grow and protect their wealth.”
There are no integration risks or costs.
The Coral Gables, Florida-based Amerant Bank previously operated under the Mercantil brand. However, in August the bank announced it was cutting ties with its Venezuela-based parent company, Mercantil Servicios Financieros, adopting the tagline “meant for you”.
Amerant Bank currently operates 25 banking centres in the United States — 17 in South Florida and eight in the Houston, Texas. In addition, the bank has loan production offices in Dallas, Texas and New York, New York.