Published On: Wed, Mar 13th, 2013

International Association Of Banks (IBA) Selects New Board

WillemstadWILLEMSTAD - The Association of International Banks which oversees the interests of the international banking system in Curaçao and Sint Maarten and promotes the quality of service of the industry promotes, has recently introduced a new board.

The new board is chaired by Mr. Arthur Adams, Exprinter International Bank Inc. The other members are Mr. Ronald Irausquin of Citco Banking Corporation Inc., Edmond Martes, RBC Royal Bank International Inc., Einar Grüner-Hegge of DVB Bank America Inc. and Victor Beware of the MeesPierson (Curacao) Inc.

The challenges in our international financial sector are large, but IBA is convinced that the sector has great potential. Cooperation with all relevant bodies is of great importance to retrieve the sector from the downward spiral. The new board looks into the concept proposed Ordinance amending the Ordinance on Profit Tax 1940 which a major step in the right direction and hopes that the change comes soon by the Parliament. The amendment puts an end to the confusion of what will happen after the termination of the offshore regime in 2019 and the international banks can continue further under the new scheme.

The existence of the international financial sector is good for the economy of the island and provides tax revenue, foreign exchange and employment. Therefore, IBA is also very pleased that the Government of Curaçao acknowledges this and gives the necessary attention to the industry.

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