The new owners of Bermuda Commercial Bank Ltd. (BCB) have announced an agreement to buy First Bermuda Group Ltd. (FBG).

The deal is conditional on the approval of shareholders of both companies and regulator the Bermuda Monetary Authority.

Permanent Investments Ltd. (PIL), which acquired a 54 percent controlling interest in BCB earlier this month, announced the agreement today.

Michael Collier, who is to join the BCB board as a PIL nominee, said today: “Both organisations’ services will fit very nicely with one another, and both organisations’ customers will benefit from a broader range of services.”

PIL today also released details of its tender offer to buy all the BCB shares it doesn’t yet own.

BCB shareholders are being offered $9.88 per share to sell to PIL. The offer started today and will close at 5 p.m. on May 21.

Read the full story in the Business section of tomorrow’s Royal Gazette.