Capital G Bank Ltd is “in discussions with potential partners”.

The bank called the move part of its overall strategic growth plans, and said the talks were being undertaken with the aim of “broadening its product offerings, growing the size of its customer base and competing more aggressively for business locally and internationally”.

Capital G’s comments came in response to questions posed by this newspaper about a possible takeover of the privately owned bank, in the wake of a flurry of rumours which have been circulating in recent days.

Ian Truran, chief executive officer of Capital G Bank Ltd (CGBL) and Capital G Trust Ltd, said in the statement: “Capital G continues its efforts to build relationships with key partners in order to position itself for future growth.

“A potential investment in Capital G by a suitable partner aligns with the Bank’s overall business growth plans to expand into new markets while also providing a strong platform for the development of other key segments such as institutional banking and wealth management.”

Capital G said that any rumours relating to an acquisition by Somers Group, holding company for BCB, were “not factual”.

Mr Truran added: “Any potential partnership represents Capital G’s commitment to Bermuda and its continued desire to play an integral role in the economy and the financial services industry.”

Capital G is one of the Gibbons Group of Companies, which has extensive operations in Bermuda and internationally.The modern family business descends from Edmund Gibbons, who established his first company in 1916 and went on to build a chain of retail companies focused on the local market.

The bank’s roots go back to the 1930s, when Gibbons Deposit Company, an arm of Gibbons Company, began providing savings accounts and loans.

That was formally incorporated in 1974, and in October 2001 the Company applied for and was granted a full banking licence under The Bank and Deposit Companies Act, 1999. The Company was renamed Capital G Bank Ltd.

Today, CGBL has a number of directly held and directly owned subsidiaries, all of which are wholly owned, according to the Bank’s consolidated financial statements of 31 December, 2012.

They include First Bermuda Group Ltd, First Bermuda Securities Ltd, Kast Investment Management Ltd, Orien Investment Management Ltd and Kenwood Club Ltd.