British American Assumes Name of Fidelity
Mr. Leonard Ebanks (left), President of British American Bank and Mr. Anwer J. Sunderij, Chairman and CEO of Fidelity Bank and Trust International Ltd. are congratulated by H.M. The Governor Mr. Bruce Dinwiddy, as British American assumes the name of the Fidelity Group of Companies.
At year-end, British American Bank officially
adopts the parent company name and becomes Fidelity Bank (Cayman)
Limited.
Similarly, Britam Insurance Agents and Brokers & Agents Limited
will become Fidelity Insurance (Cayman) Limited.
Based in Nassau, The Bahamas, Fidelity Group of Companies will introduce its name and financial products and services to the Cayman Islands, as well as to Turks and Caicos Islands, when it renames its retail banking division and insurance business at year-end.
British American Bank, and Britam Insurance, have been members of the regionally-based Fidelity Group of Companies since 1995.
With the change in name also comes a change in the scope of available financial and insurance services.
A statement from Mr Leonard Ebanks, President of British American Bank, said: "We'll continue to provide our current banking and insurance related services. Customers can look forward to accessing a broader range of domestic and international financial services, including products to assist with college education, estate planning and retirement issues".
The Fidelity Group, with assets in excess of $250 million and administration of assets in excess of $500 million, currently employs approximately 180 staff members, including a senior management team with extensive experience in retail and investment banking.
The name change to Fidelity Bank will link the Cayman Islands' businesses directly with the Fidelity name, facilitating the introduction of a wider range of Fidelity's financial products and services already popular in the Bahamas.
Fidelity Merchant Bank & Trust Limited, licensed in the Bahamas as a bank, trust company, stock broker and mutual fund administrator, currently provides private banking, trust services, investment management, corporate and finance advisory services, registrar and transfer agent and stock brokerage services.
Mr. Ebanks emphasized that, "This change affords us the opportunity to develop and introduce new products into the market which we were unable to offer before. Now, we are meeting the challenges and expanding, which is so important to do at this juncture in our economy".
The bank prides itself on personalized and customized service for its clients. "We believe strongly in education," stated Mr. Anwer J. Sunderji, Chairman and CEO of Fidelity Group of Companies, stressing that, "a more informed client is a better client".
The company intends to invest in extensive, and easy to understand, educational materials and brochures to insure that their clientele, and potential customers, are aware of the array of services, and how to choose the services most appropriate for them.
As the smallest retail bank in the Cayman Islands, British American Bank looks forward to providing a level of services, and a range of services, which motivates clients to address personal financial issues such as retirement, college education, debt management, savings and more, in a comfortable and trusting environment.
The transition will be gradual.
Letters were mailed last month to all clients of British American Bank and Britam Insurance to inform them of the change and assure clients that the Fidelity Group is one of the premier financial service providers in region.
In mid-January, a new logo will be unveiled, and progressively reflected in company correspondence and products.
British American Bank, soon to become Fidelity Bank Ltd., poses the question, "How can I improve your financial security?"
Now with more depth to their position, Fidelity Bank hopes to distinguish itself with its clients, "providing services which help prepare for the future, and the future of Cayman as well", says Mr. Ebanks.