IMPACT ON T & T

Investment bank confirms interest in new Trinidad and Tobago Financial Center

Trinidad and Tobago Minister of Finance Karen Nunez-Tesheira recently announced that Lehman Brothers, a global investment bank, has expressed interest in joining the Trinidad and Tobago International Financial Center (TTIFC).

In a letter to Nunez-Tesheira, Lehman Brothers Managing Director Ernest Green said, "We have considered your country’s plans for a world class Trinidad and Tobago International Financial Center and confirm Lehman Brothers interest in being one of the TTIFC’s anchor tenants and collaborating with your government in the plans you have developed for an international center of finance in the Republic of Trinidad and Tobago.’’

"Lehman is very interested in implementing our business model in Trinidad and Tobago aligned with the TTIFC, as it develops in accordance with the current plan and strategy,’’ the company said, adding that it would attend the launching ceremonies for the TTIFC later this year.

The company’s future participation in the financial hub is "subject to the TTIFC’s development in line with international IFC standards,’’ the letter added.

"We are extremely encouraged by this progress, and the momentum it is generating for our IFC launch," said Nunez-Tesheira. "Our visits to the world's financial hubs are producing real dividends and results, as we have been able to show business leaders the investment opportunities that exist in Trinidad and Tobago."

Nunez-Tesheira traveled to New York earlier this week for meetings with representatives from Moody's, Standard and Poor's, Credit Suisse, JP Morgan, UBS and CitiGroup. She received letters of interest in the TTIFC from officials at Merrill Lynch and Gravitas Capital Advisors Inc. In addition, the global investment firm Small Enterprise Assistance Funds (SEAF) committed to renting office space in the financial center.

Last week, Nunez-Tesheira traveled to the Middle East and met with Dubai's Minister of Finance, tourism managing director, senior officials at Dubai's International Financial Center and the Central Bank of the United Arab Emirates, and the chief of Dubai's Chamber of Commerce. The delegation also met with senior executives at DP World, the international shipping giant, and private sector investors who have expressed interest in office space at the TTIFC.

The TTIFC will promote commercial banking and investment opportunities in: downstream energy projects; commodities finance and trading based on the country's energy sector products; large-scale real estate development, resorts and tourism; and transportation projects such as ports, airports, shipping and support facilities.