Looking good

THE offshore finance industry in the Cook Islands took a major step forward recently when its largest

registered trustee company, European

Pacific Trust Company (Cook Islands) Limited, opened the doors to its new building the European Pacific Centre in downtown Avarua, Rarotonga. The European Pacific Centre houses the offices of the European Pacific Trust Company (Cook Islands) Limited and

the European Pacific Banking Corpora

t'()n - The company began operating in 1982, as the Cook Islands Trust Cor poration Limited, and was the first reg istered trustee company to be set up under the Cook Islands Offshore Fi nance Legislation. In November 1987, the company became a wholly owned subsidiary of the European Pacific Group and changed its name in 1988 to reflect this. It began in modest premises in Mercury House and as the business grew, expanded to other locations. In planning for the European Pacific Cen tre, Managing Director Trevor Clarke said that for efficiency, the group wanted all parts of the operation to be in one location. The group also desired prestigious premises and a comfortable,

pleasant working environment for staff.

Says Clarke: “It was important to have a building that reflected our high profes sional standards but one that was not inappropriate to the physical environ ment of Avarua.” Designed and built by Fletchers New Zealand, the hexagonal building is an outstanding addition to the Avarua landscape. Although contem porary in design, the exterior of the building still manages to capture the feel of the Pacific.

Once inside the building, it is easy to see that the company has achieved its much desired Pacific theme. Artwork from all round the Pacific covers most available wall space. While prominence has of course been given to Cook Islands art, the company’s collection includes work from Western Samoa, Tonga, Fiji, Solomon Islands, Papua New Guinea nd Vanuatu, as well as Australian Abor iginal and New Zealand Maori pieces.

“We are the largest offshore trust com pany in the South Pacific,” says Clarke.

“We played a leading role in the estab lishment of an offshore finance centre in the Cook Islands and its subsequent de velopment. We have a staff of forty which includes nine professional accoun tants and five lawyers. We are terribly committed to the Cook Islands and this building is a reflection of that commit ment □