Capital G bought by CWH Limited (Update 3)

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.”