Bermuda’s Government Officials and Business Executives to Offer Regulatory and Legal Updates for Members of Financial Community in New York
New York, New York - September 30, 2008. The Bermuda International Business Association hosted its Annual Bermuda Financial Services Conference, Tuesday, September 30, 2008 at The Harvard Club of New York City The delegation from Bermuda led by Cheryl Packwood, Chief Executive Officer of the Bermuda International Business Association and includes some 50 business leaders, government representatives and regulators, including Minister of Finance Paula Cox.
“In light of the current financial climate, were presented with an invaluable opportunity to showcase Bermuda and demonstrate how Bermuda plays an important role in the global financial markets. Our conferences allowed Bermuda’s business community to meet with the financial community in New York and provide valuable insight and perspective on what makes Bermuda an attractive business partner,” said Cheryl Packwood, CEO, of the Bermuda International Business Association. “The panel sessions provided enabled us to dispel some myths about Bermuda law and the numbers game played by other jurisdictions. It also allowed us to expand and deepen our relationships with the lawyers, bankers, fund managers, accountants and advisors who drive the New York financial communities.”
“We are also extremely grateful for the efforts of the Bermuda Ministry of Finance and their generous support of our activities in the further growth and development of the Island’s international business community.” added Ms. Packwood.
Bermuda to Provide Financial, Legal, Regulatory and Infrastructure Information to the New York Financial Community.
The exclusive invitation-only New York – Bermuda Financial Services Conference featured a luncheon keynote speech by Deputy Premier and Minister of Finance Paula Cox, which focused on the stability of the Bermuda regulatory system and the financial attributes to the international business community. The welcome and keynote during breakfast from Santiago Fernandez de Cordoba, United Nations Conference on Trade & Development, which touched on the creation of wealth to deal with poverty and explained that Bermuda could be the model for assisting of the countries. He emphasized that Bermuda met all the features of a strong and developed economy, which attracts foreign investment, including a buoyant financial system, transparent legal and regulatory framework and a highly skilled workforce. Matthew Elderfield, CEO of the Bermuda Monetary Authority (BMA), made closing remarks by thanking the Bermuda delegation for taking part in the Bermuda Financial Services Conferences, as well as the delegates that attended the conference.
The13 different panels on a cross section of Bermuda’s business, including such topics as Bermuda’s capital markets and corporate finance, fund administration, private wealth management, captives, insurance/reinsurance, investment fund structuring, trusts, aircraft, shipping and transportation, infrastructure and regulation. High-level international lawyers, accountants and financial executives represented Bermuda from the Bermuda International Business Association member companies, along with members of the Bermuda Government and the Bermuda Monetary Authority. With 250 registered delegates, both public and private sector individuals came together to discuss the proven benefits of partnering with Bermuda.
Ms. Packwood concluded: “With the events of last week, and yesterday in the international financial markets, it is even more important for us to talk to the American business community to remind them of our long standing relationship and how we can better serve their needs. Bermuda still has spare capacity in the marketplace to accommodate more business. We provide innovative business solutions to the international market and continue to build upon the Bermuda model.”
About the Bermuda International Business Association
The Bermuda International Business Association (BIBA) is a business organization of Bermuda resident service providers who provide quality banking, legal, accounting, financial, trust, management and e-commerce services and products to the international client. BIBA works with the private sector and Government to develop and promote the island as one of the world’s foremost centers for international business.
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Media Contacts:
In Bermuda:
Cheryl Packwood
Chief Executive Officer
BIBA
T: 441-292-0638
In New York:
Whit Clay
Sloane & Company
T: 212-446-1864
wclay@sloanepr.com