Britannia buys operations of fellow Tether bank Deltec

Deltec Bank and Trust has reportedly sold its lines of business to Britannia Bank and Trust; both banks have served Tether and operate in the Bahamas.

According to the Nassau Guardian’s interview with Britannia’s chairman Julian Francis, it is not acquiring Deltec, just Deltec Bank’s business lines.

Deltec Bank CEO Odetta Morton repeatedly noted that she believes this “will result in an optimal path for continuing to deliver best-in-class service, technology, and access to global markets.”

Read more: Executive texts 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 a link to the banking system after most banks refused to do business. It also provided a convenient service to many other cryptocurrency entities.

Indeed, it was Deltec executives and leaders who collaborated with FTX and Alameda Research in the purchase of Farmington State Bank, later Moonstone, in Washington state.

It was also alleged that Deltec provided Alameda Research with large lines of credit to facilitate its tether arbitrage.

Tether has also banked with Britannia for years, and both DigiFinex shareholders and Britannia Financial Group are major Conservative donors in the UK.

The founding chairman of Britannia Financial Group, Julio Herrerra Velutini, was charged with bribery in Puerto Rico, and he has subsequently stepped down from the businesses.

It is not clear now why Deltec Bank and Trust found it advantageous to sell these business lines, but to preserve the entity.