After allegations from the People’s Campaign that the actions of the Clarien Bank caused local families to lose their mortgages, the bank said it was pursuing dialogue with the activist group.

But they refused to be drawn on the veracity of the claims.

Bermuda Public Services Union president Jason Hayward said on Thursday at a press conference by the People’s Campaign that Clarien Bank, the renamed Capital G Bank, had opted not to honour previous mortgage benefits for staff members, which had led to employees defaulting on their mortgages and losing their homes.

He made the extraordinary claim as the group blasted the Island’s banks in general, calling on the Bermuda Monetary Authority to be given more teeth to ensure that Bermudians are not being singled out for redundancies.

Mr Hayward said: “Since 2008, the commercial banks have collectively reduced employment levels by an estimated 500 jobs, with the majority of job losses being absorbed by Bermudians.”

The Royal Gazette asked Co-CEOs Zoran Fotak and Ian Truran through a spokesperson to respond to the allegations made specifically against their bank.

The spokesperson responded late on Friday stating: “Clarien Bank, as a matter of important principle, does not discuss privileged client or employee matters with the media.

“Any interested parties with concerns or questions about the bank’s actions are welcomed to reach out to either of the joint CEOs, Zoran Fotak or Ian Truran.

“We can confirm that Clarien has engaged in a significant discussion with representatives of the People’s Movement in response to the concerns raised and we believe that this was a highly informative meeting and we look forward to a positive working relationship with this concerned group.”

In January, it was announced that a group of investors behind a newly formed company had struck a deal to take a controlling interest in Capital G Bank Ltd.

Clarien Group Ltd, whose founders included Mr Truran, was to amalgamate with Capital G.

Clarien is a subsidiary of newly formed Bermuda exempted company, CWH Ltd.

At the time, Capital G said it would continue to review its business to ensure it recruits, retains and develops the best talent with the appropriate skills to meet the constantly evolving needs of the global financial industry.

It stated: “Clarien is committed to the Bermuda market and the employment of Bermudians. As income increases it is expected that new talent will be recruited to meet the growing demands of the business.”

In February, Capital G announced that annual profits had more than tripled to $3.6 million.

In April they laid off five staff.

Three weeks later they completed the rebranding from Capital G to Clarien Bank.