Turks and Caicos Banking Company restructures its operations

The Turks and Caicos Banking Company, the country’s oldest independent private bank, has announced plans to restructure its operations by consolidating its activities into its new headquarters in Regent Village on Grace Bay Road in Providenciales, where it will continue to serve its Grand Turk clients. This will formally take effect upon final approval of the Financial Services Commission.

In a media release, Turks and Caicos Banking Company said it has decided to close its offices in Grand Turk with immediate effect. The Bank just recently acquired new premises at The Regent Village on Grace Bay road as a permanent headquarters of the islands. The release said that as a private bank which specializes in global asset management, and with the assistance of modern technology, the location of physical offices is not of primary concern, unlike commercial banks which operate tellers and check-clearing facilities.

We are very proud of our history in Turks and Caicos and see a bright future for the bank and its clients throughout the Islands,” said Anton Faessler, TCBC President. “Our new office provides us with an opportunity to expand and enhance our products for all of our clients,he added.

As a private bank, TCBC has been a leader in providing offshore banking services to its clients for over 30 years, and has been consistently profitable throughout its existence. The company established its head office at Caribbean Place in Provo in 2002 and moved to its new location earlier this month.

With assets approaching $100,000,000, assets under management of $45,000,000 and a strong balance sheet, TCBC works closely with its clients in areas including wealth management, lending, and currency management. In addition it has correspondent banking and brokerage relationships with leading financial institutions throughout the world.