The new chief executive officer of Capital G Bank said yesterday he wanted to keep the company's relationship with customers "uncomplicated and fair" and lead the Bank to further growth.

Stephen Freeman, who has 25 years of banking experience, spoke to The Royal Gazette yesterday, on his eighth working day in charge of the Island's youngest bank, and said a host of new services would be rolled out this year.

Mr. Freeman replaces Sarah Farrington, who left Capital G Bank last July, after a six-year tenure in which Capital G was transformed from a deposit company, founded in the 1930s, into a bank.

Since receiving its banking licence in 2001, the bank has grown rapidly and has tried to nurture a reputation for being straightforward in its dealings with customers.

Mr. Freeman said the Bank would compete for business with its much larger rivals Butterfield Bank and HSBC Bank of Bermuda through its quality of service.

"They are two very large, successful and formidable players," Mr. Freeman said. "The way we can take them on is to keep things simple, uncomplicated and fair. What I mean is that we don't offer products with expensive add-ons.

"You can replicate all kinds of banking systems but our people are the core differentiators from what I've seen in the very short time I've been here. We have a lot of very enthusiastic and talented people, who work as a team, ensuring the Capital G group of companies work as one."

Mr. Freeman was born in Britain but most of his career has been spent in other countries, particularly in the Far and Middle East.

One of his top posts was as regional chief operating officer for HSBC in Dubai, where he increased efficiency across all business units. Mr. Freeman was seconded from HSBC to the British Bankers Association, where he formulated a lobby plan for the organisation's lobby group.

"We have listened to our customers and observed the trends in the industry and have worked hard to develop banking solutions that will differentiate Capital G Bank from its competitors," Mr. Freeman said at his official unveiling to the media yesterday.

"In that context, this year we will introduce some great things to our existing and new customers. You will see us launch a host of products and services that will complement and enhance our existing proposition."

Mr. Freeman said the key to success was the quality of the bank's staff. And he said his first impressions of the Bank — and the Island — were favourable.

"I'm enthused about what I've seen," he said. "We have a cadre of talented people.

"And Bermuda is an astonishing success story. You can see that by what appeared in The Economist a couple of weeks ago. There was nothing but kind words about the Island."

Mr. Freeman paid tribute to Ms Farrington, who worked for Capital G for 13 years and was CEO for six.

"Ms Farrington was a very capable executive and under her stewardship we saw Capital G Bank grow in double digits year on year and that will be a hard act to follow," he said. "But I'd like to think I'm up to the challenge and the important thing is that I have a good team supporting me."

James Gibbons, president and CEO of Capital G Ltd., welcomed Mr. Freeman on board and said the banking industry was highly competitive in a "turbo-charged" Bermuda economy.

"Such things as the liquidity pumped into the economy by insurance settlements post Fabian and HSBC's purchase of the Bank of Bermuda are all contributors of our thriving global financial services industry and amazing insurance sector," he said.

"While this has been so fortuitous in many ways, it has created risks of real overheating in our economy."

He said Capital G aimed to be a "one-stop shop" for a range of financial services, from banking to mortgages to trust management. And insurance, through Colonial, which is in the Capital G group, could be added to that list.

Taking the unpleasantness out of banking for customers is another primary aim for Capital G. "We set out to avoid doing the irritating things that make people hate banks," Mr. Gibbons said. "For example we don't charge a fee unless we actually do something for you.

"As a private company, we don't have the pressure over having to increase earnings every quarter to please the shareholders. So we can concentrate on just doing a better job for our customers."