Clarien Bank Limited is to expand its platform after signing an agreement to acquire Omnium Trust Company Limited and Omnium Corporate Services Limited, a boutique practice offering trust and corporate administration services.

The terms of the acquisition of the Omnium Group of Companies, which Clarien said strengthened its aspiration to be the best wealth manager in Bermuda, were undisclosed.

Ian Truran, CEO of Clarien Bank, said: “Omnium Trust and Omnium Corporate Services are exceptional entities, which we have been fortunate to have a positive relationship with for several years now. These entities have experienced leadership and offer first-class and bespoke services designed to meet clients’ needs – a quality that bodes well with one of Clarien’s core values of being client-driven.

“With our newly acquired capabilities, we are now further able to scale our operations and strengthen our position as a leading provider of wealth management services, both locally and globally. We are excited about this acquisition and look forward to wowing Omnium clients with our commitment to exceptional customer service and stellar team of knowledgeable, talented industry experts.”

Omnium Trust will amalgamate with Clarien Trust Limited, and Omnium Corporate Services will amalgamate with Clarien Corporate Services Limited.

The two incoming entities are licensed by the Bermuda Monetary Authority.

They are owned by holding company Omnium Limited.

Under the terms of the acquisition, the senior management of Omnium will provide support and assistance to ensure that the integration of Omnium clients into the Clarien offering will be seamless, the bank said, adding that they will also be on hand to answer any questions Omnium clients may have and to provide continuity of service.

Simon Benedek, one of Omnium’s owners, will be appointed as a director of Clarien Trust and Clarien Corporate Services with a mandate to include the provision of support to transitioning Omnium clients. An additional Omnium employee will also be retained and integrated within the Clarien Trust team.

The bank said there would be no redundancies – and little change is anticipated to be felt by clients and employees within Clarien Bank, outside of the Clarien trust and corporate services teams.

The announcement comes after receiving all necessary regulatory approvals.

Mr Benedek said: “We are very pleased to have reached an agreement with Clarien Bank and consider them an extremely capable and responsible long-term partner to move Omnium Trust Company and Omnium Corporate Services forward.

“With the bank’s extensive digital footprint, superior talent and established legacy in financial services, we believe Clarien is well positioned to support clients as they grow their wealth and navigate their financial futures.”

Clarien said the acquisition would strengthen its position as a wealth management leader, thanks to the expanded breadth and depth of services, particularly in the trust and corporate services division.

The bank said it would also be able to provide clients with a more comprehensive range of offerings including corporate administration, trust administration and a wide range of bespoke financial solutions.

Jennifer Hanson, Clarien’s SVP, head of trust and family office, said: “Clarien is committed to keeping our new and existing clients as a top priority. As we continue to grow our service lines, now and into the future, Clarien Bank looks forward to providing clients with access to our complete portfolio of world-class financial solutions, as well as our hard-working, talented team of professionals.”