Cay: Cayman outsources jobs Bahamas

Ansbacher Caribbean Limited announced on Tuesday that it was transferring its banking and securities operations in the Cayman Islands to its Bahamas office, a move that will result in the loss of approximately 25 staff members here.

The transfer, which will also include other various support activities, will occur over a three to nine month period, according to Mike Hodgson, Managing Director of Ansbacher’s Caribbean operations. The company’s trust business will remain in Cayman.

Although the move was being made for a “combination of reasons”, Mr Hodgson said that the costs of doing business in Cayman were one of them. “The revenues are not sufficient to support the cost base,” he said, “Our profit analysis is not that good.”

Ansbacher will lower its costs considerably by making the move. “In the Bahamas, costs are significantly lower,” said Mr Hodgson, pointing out specific overheads such as rent and bank licence fees, which cost approximately five time more in Cayman.