HAMILTON, Bermuda, Jan. 7, 2014 /PRNewswire/ -- Capital G Limited announced today that it had entered into a formal agreement on 31st December 2013 to amalgamate with Clarien Group Limited ("Clarien"), a wholly owned subsidiary of CWH Limited with continued growth plans to develop its business domestically and internationally as a world class offshore financial institution.
Through Clarien, CWH Limited, a newly formed Bermuda exempted company will assume the majority ownership of Capital G Bank Limited, while Edmund Gibbons Limited will remain involved as a minority shareholder.
The transaction, which received approval from the Bermuda Monetary Authority and the Government of Bermuda, 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.
CWH Limited founders include David Carrick, Robert Flohr, Zoran Fotak, Mitchell Hedstrom, Ian Truran and Keith Stock. Collectively they bring significant executive level experience to Capital G Bank and the newly formed Clarien Group. All founders will 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, Messrs. Fotak and Truran will be Co-Chief Executive Officers, 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 remain actively involved and serve as a Director of Capital G Bank Limited.
The partnership exemplifies the appeal Bermuda has to global investors, partners and clients. The Island's sophisticated infrastructure, intellectual talent and accessibility to the world positions the Clarien Group perfectly 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.
James Gibbons of Edmund Gibbons Limited stated, "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."
Zoran Fotak of CWH Limited 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."
SOURCE Capital G Bank Limited