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Bank Austria Cayman Islands Ltd. changes name

2008-02-09 16:40:31 (GMT) (Caymanmama.com - Banks & Banking Cayman Islands News)



Grand Cayman - February 9, 2008 — Bank Austria Cayman Islands Ltd. established as one of the leading offshore banks operating in the Cayman Islands over the last ten years has changed its name. The bank’s new name is UniCredit Bank Cayman Islands Ltd. which now reflects its new association with the UniCredit Group one of the world’s leading international financial services conglomerates and the first truly European bank.

The name change was officially announced at an evening function at a new restaurant on the Grand Cayman’s famous Seven Mile strip. The environment as well as the finger foods, refreshments, service and general organization was, as one would expect of a leading banking organization. In attendance were representatives of many other off shore and commercial banks operating in the Caymans in addition to the bank’s clients and other invited guests.

The UniCredit Group corporate structure includes Bank Austria Creditanstalt in Austria, UniCredit in Italy, HypoVereinsbank in Germany, and Pioneer Investments in the USA & IRELAND and now UniCredit Bank in the Cayman Islands. The UniCredit Group is one of the largest banking groups in Europe and the leading banking group in CEE employing more than 170,000 individuals working in over 9,000 branches worldwide. It international network spans 50 countries with total assets of approximately USD 1.3 trillion. Market capitalization approximates USD 100 billion. The group proudly promotes its rating of A+/ A- by S&P and A1 / P-1 by Moody’s. HVB and Bank Austria is rated A / A- by S&P and A2 / P-1 by Moody’s.

UniCredit bank Cayman Islands Ltd. is a wholly owned subsidiary of Bank Austria Creditanstalt AG (“Bank Austria”) and was established in 1996 with a physical presence in the Cayman Islands in 1998. UniCredit Bank Cayman Islands operates with a category “A” Banking and Trust License, one of only 19 class “A” banks out of approximately 300 registered in the Caymans. Its clientele is predominantly institutional and corporate based with limited private banking for high net worth individuals.

UniCredit Bank Cayman Islands Ltd. has total assets of approximately USD 2 billion with a strong capital base – total Cayman regulatory capital in excess of USD 500 million. In addition to its new name, a charismatic new Managing Director Mr. Franz Friedl, a highly qualified banker with extensive banking experience in several international jurisdictions, now leads the bank. Shortly after taking control, Mr. Friedl recognized the contributions of professional native Caymanian staff, with many years banking experience, by promoting some to more senior levels - an action recognized by many as astute.

For further information please contact Claire Hines (345) 815-0251

Submitted by Lee Maragh CaymanMama.com - Cayman Islands Staff Correspondent



leem · Filed Under Banks & Banking, Cayman Islands 

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