UBS buys Dresdner’s private bank division

Bor van der Weerden, 
General Manager

Monday,  April 18, 2005

Dresdner Bank Lateinamerika (DBLA) has sold its Private Banking division to Swiss UBS and will be closing its Cayman Islands branch at the end of September this year. This marks something of an end of an era as the European bank has had a branch in the Cayman Islands since 1988. 

Although Dresdner Bank is maintaining it’s corporate and investment banking sections; they will be integrated in other regions.

“Even though there is a UBS in the Cayman Islands, its focus is on fund administration,” said Bor van der Weerden, General Manager for Dresdner. “UBS’ private banking is concentrated in the Bahamas so the private banking business will be transferred over there,” he said.

Mr Weerden explained the sale of private banking division was part of a strategic decision to reorganise its business to focus on core services. The corporate and investment banking activities in the Latin America division were not sold, but will be integrated into other European branches of Dresdner Bank. 

There are 26 employees working in the Dresdner Bank here on Grand Cayman, 18 of them are Caymanian or Cayman status holders and eight are work permit holders.

“Our full staff will be helping us close down the branch through September and then a small group of staff will be needed to wind down the business by the end of December.

“Our employees have been offered an attractive compensation package so even if employees don’t find work right away they will be comfortable for a couple months,” added Mr Weerden.

He also expressed his confidence that the Dresdner Bank employees will be able to find other jobs in Grand Cayman, as skilled professional employees are in high demand in the financial services sector. 

Moreover, the Human Resources Department is also involved in the process of helping to find opportunities to match employees with other potential employers as well as updating resumes. 

“Our employees have solid banking experience and skilled people will always find a good place within the financial market.”

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