As predicted yesterday, Capital G has received a new investor and majority shareholder.
Clarien Group Ltd, a wholly owned subsidiary of Bermuda exempted company CWH Ltd, will be the majority ownership of Capital G Bank Ltd, while Edmund Gibbons Ltd will remain as a minority shareholder.
Capital G Bank CEO Ian Truran is one of Clarien’s investors and will continue to serve as the bank’s co-CEO along with Zoran Fotak, a former managing director at Merrill Lynch and Credit Suisse.
The bank’s new chairman is Keith Stock.
In a statement released today, Capital G said the transaction had received approval from financial regulator the Bermuda Monetary Authority and the Government of Bermuda.
The statement added that the merger “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”.
Other CWH founders include curent Capital G CFO David Carrick, Robert Flohr and Mitchell Hedstrom.
All founders will play an active role in the management and strategic growth of the institution and plan to live and work in Bermuda, The Royal Gazette said
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.