Clarien Group Limited has amalgamated with Capital G Limited.
The ownership of Clarien Group Limited is 80 per cent CWH Limited and 20 per cent Edmund Gibbons Limited.
Clarien is the sole shareholder of Capital G Bank.
Clarien is a wholly-owned subsidiary of CWH Limited, a newly
formed Bermuda exempted company.
CWH Limited founders include David Carrick, Robert Flohr,
Zoran Fotak, Mitchell Hedstrom, Ian Truran and Keith Stock.
Mr Truran has been president and CEO of Capital G Bank
Limited since May 2010.
The agreement was reached between Capital G and Clarien on
December 31, 2013.
The group has plans to develop its business domestically and
internationally as a world-class offshore financial institution.
Clarien said this now places “Capital G Bank in a position
to build a leading offshore financial company with expertise in asset
management, private banking and investment banking to clients from around the
globe.”
The six founding members of CWH plan to play an active role
in the management and strategic growth of the institution and plan to live and
work in Bermuda. Mr. Stock will be chairman of Capital G Bank, Mr Fotak and Mr
Truran will be co-CEOs, Mr Carrick will be chief financial officer, Mr Hedstrom
will be chief risk officer and Mr Flohr will be the chief corporate development
officer.
James Gibbons will serve as a director of Capital G Bank
Limited.
The press statement says new Capital G Bank is perfectly
positioned “to bring some of the world’s most discerning institutional and
private wealth clients to Bermuda. It is expected that over the next five to
ten years profitability of the institution will grow significantly with
expansion into new lines of business and growth into new markets enabling the
continued employment of Bermudian and international talent.
Mr Gibbons said in a press release: “Today’s announcement
represents a significant achievement for Capital G Bank and one of our initial
goals to build, diversify and grow our business in Bermuda and other markets
around the world. The investment by CWH Limited represents a commitment in
Bermuda, in Capital G, its valued clients and 180 plus employees.”
Mr Fotak added: “The Gibbons Family and the management of
the Bank have built a first class organization. Bermuda is a world class
financial services centre. We share the same values with the Gibbons Family:
Client focus, teamwork and integrity. We are committed to a partnership that
continues with the strategy that makes this Bank the best in class financial
services provider to all of its clients — domestic as well as international.”