Deltec Bank & Trust has reportedly sold its business lines to Britannia Bank & Trust. Both banks provide services to Tether and operate in the Bahamas.
Britannia Chairman Julian Francis, interviewed by the Nassau Guardian, said the company is not buying Deltek, but just a division of Deltek Bank.
Odetta Morton, CEO of Deltec Bank, reiterated that she believes this “provides the best path forward to continue providing best-in-class service, technology and access to global markets.”
Read more: Administrative documents claim Deltec moved customer funds from FTX to Alameda
At one point, Deltec Bank was one of the most important banks in the crypto ecosystem, providing Tether with a link to its banking system after most banks refused the transaction. It also provided useful services to many other cryptocurrency entities.
In fact, it was Deltec executives and leaders who worked with FTX and Alameda Research on the acquisition of Farmington State Bank (later Moonstone Bank) in Washington state.
It is also alleged that Deltec provided a large credit facility to Alameda Research to facilitate Tether arbitrage.
Tether has also had banking relationships with Britannia for many years, with Digifinex shareholders and Britannia Financial Group a major donor to the UK Conservative Party.
Britannia Financial Group’s founding chairman, Julio Herrera Veltini, was indicted on bribery charges in Puerto Rico and subsequently stepped down from the company.
It is not immediately clear why Deltec Bank & Trust considered it advantageous to sell these business units and maintain the entity.
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