Intertrust leaves Financial Group

October 28, 2009 1:18 PM

Intertrust Curaçao is no longer a member of IFG (International Financial Group). Intertrust has not yet become a member of the CIFA (Curaçao International Finincial Services Association), says Gosse de Vries of Intertrust Curaçao.

According to him it is obvious that an international company like Intertrust wants to be a member of a financial services association, but "I prefer to become a member of the merged association of CIFA/IFG."

The IFG was founded several years ago by companies of previous board members of CIFA when other members of CIFA were chosen as a board member. Herman Behr (HB Management) then became the chairman.

Meanwhile Behr's successor is Bryan Irausquin (Ernst & Young) and does CIFA als o have a new managing director.

For many people two associations on one island are a thorn in the flesh and they prefer the CIFA and IFG to merge. "Now that IFG has only three members left, it seems to me desirable and necessary to arrange for this merger", says De Vries.

IFG is formed by Citco Group, KPMG and United Trust. CIFA has over hundred members among the companies, banks and trust offices on Curaçao. Although CIFA has more members, IFG has been known as the club of "big guys" for years. But according to De Vries that is no longer the case now that Intertrust has left.

The problem of Intertrust with IFG was not related to Curaçao, where the cooperation went well, but in Luxembourg and the Netherlands, where Intertrust and other trust companies from Curaçao also have offices. It would concern the experience of improper competition.

(Source: local newspaper Antilliaans Dagblad)

26 October 2009