Bermudian Ian Truran was yesterday unveiled as the new president and chief executive officer of Capital G Bank Ltd. and Capital G Trust Ltd.

The management reshuffle sees Mr. Truran replacing John Kephart, who has been appointed president and CEO of Capital G Ltd., the holding company of Capital G Bank, Capital G Trust and Capital G Investments.

Mr Truran has spent the past ten years of his 18-year career in the Bermuda banking industry with Capital G, where he has risen quickly through the ranks, and became executive vice-president and chief relationship manager in 2006.

The new CEO takes over in a period of change for the Island's banking sector. Last week Bermuda Commercial Bank's new owners, Permanent Investments Ltd., agreed a deal to buy the Bermuda First Group Ltd., giving BCB access to BFG's mortgages and loans businesses.

Asked at a press conference yesterday how Capital G Bank would handle the likely increased competition, Mr. Truran said: "I think competition is a good thing and the community will benefit from having four very strong banks.

"It will pose us challenges, but I believe Capital G has the framework and staff with the experience and expertise to succeed."

A culture characterised by valuing the customer drove Capital G, Mr. Truran said, to strive for "superior products with superior service". The team he had at Capital G comprised some of the best individuals he had worked with.

Capital G Bank chairman James Gibbons said: "From the beginning it was clear to me that Ian possessed the values and beliefs that were closely aligned with those of the company and of our family. He is a man of great personal integrity, sound judgement and calm under pressure."

He said that the new CEO had "strong and dynamic leadership skills" and added: "In every capacity thus far, Ian has been able to successfully lead his team by creating the right environment where productivity, energy and service exceed the norm."

Father-of-two Mr. Truran is a keen supporter of equestrianism and is the vice-president of the Bermuda Equestrian Federation.

In his new role, Mr. Kephart will focus on the strategic expansion of the group and act as mentor to Mr. Truran and other senior managers.

Capital G has achieved 10 years of consistent growth since it received its banking licence and posted a net profit of $1.3 million for the 2009 financial year.