I-Banks Sniff Post-Bear Caribbean Opportunity

Banking opportunities are emerging in the Caribbean following the collapse of Bear Stearns, home to Wall Street’s leading practice for the region. JPMorgan and Oppenheimer showcased new Bear Stearns hires at last week’s Euromoney/LatinFinance Caribbean Investment Forum in Port of Spain. These include some of the most specialized bankers and economists in the Caribbean. And Merrill Lynch, historically also a lesser-known institution in the region, tested the waters, bringing with it a troop of economists, salespeople and senior executives to flaunt its growing interest. Other members of the Bear diaspora who did not rejoin the sell side seem set on capitalizing on the vacuum they helped create, exploring investment opportunities for new funds. Meanwhile, top brass at veteran institution Scotiabank sought ingratiation by reminding delegates of the bank’s decades of commitment to the region. Local bank RBTT rebuffed that by claiming an even longer track record, though RBC is acquiring the 106-year-old institution.