Banking: Bermuda FIs hook up
Capital G Bank Limited (Capital G) and First Bermuda Group Ltd. (FBG) have announced the takeover, effective 4 January, 2011, of FBG by Capital G Holding Company Ltd.
The agreement to amalgamate was signed on 21 December, 2010 and subsequently approved by the FBG shareholders on 30December, 2010, creating Bermuda's largest privately-held full service bank and deposit taking company with combined deposits in excess of USD1,400 million, a loan portfolio of USD970 million and a team of more than 200 employees.
In the short term, FBG will operate under the management of Capital G, as a wholly owned subsidiary of Capital G Bank Limited. However, all client transactions will remain independent of each other while work is done behind the scenes to integrate FBG fully into Capital G.
Capital G is a privately held financial institution. Capital G Bank Limited and its wholly owned subsidiaries are licensed to conduct banking, investment and trust business by the Bermuda Monetary Authority.
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