Cayman Islands along the lines of its Bermuda trust company, Codan Trust Co.

Ltd.

CD&P general manager Mr. John Buckley, was recently in the Caribbean island trying to establish a physical presence for the firm there.

Mr. Buckley said: "The company is to be known as Codan Trust Company (Cayman) Ltd. and we've established companies with a similar name in other jurisdictions.

"We have one in British Virgin Islands and Guernsey. We incorporated the Cayman firm a year or so ago and received our trust licence in September.'' Mr. Buckley said that the Cayman firm needed to establish required office space and hire two people, a managing director and a secretary.

He said: "We plan to be open some time in September. I was in Cayman trying to find some premises and do other things that one needs to do to set up an office, including telephone lines, bank accounts, suppliers and other things including recruitment of staff.

"We're cautiously optimistic that in the summer we would be open for business.'' The Bermuda trust company has operated for some 30 years and the law firm's trust companies in other jurisdictions are also long established.

Mr. Buckley said: "We have a not insignificant number of clients who may well find the geographical location of the Cayman Islands to be convenient. Perhaps they are from South or Latin America or some parts of the United States, from where it would be a lot easier for them to get to a place like Caymans.

"It's very similar reasoning, I'm sure, to why the two big banks are down there.'' Mr. Buckley said the law firm's trust companies generally service CD&P's existing client base.