Capital G Ltd announced today that it had entered into a formal agreement to amalgamate with Clarien Group Ltd, a wholly owned subsidiary of newly formed Bermuda exempted CWH Ltd.

Through Clarien, CWH will assume the majority ownership of Capital G Bank Ltd, while Edmund Gibbons Ltd will remain involved as a minority shareholder.

One of the founders of CWH is Capital G Bank CEO Ian Truran, who will continue to serve as the bank’s co-CEO.

In a statement released today, Capital G said the transaction had received approval from financial regulator the Bermuda Monetary Authority and the Government of Bermuda.

The statement added that the merger “places Capital G Bank in a position to build a leading offshore financial company with expertise in asset management, private banking and investment banking to clients from around the globe”.

CWH founders include David Carrick, Robert Flohr, Zoran Fotak, Mitchell Hedstrom and Keith Stock, as well as Mr Truran.

All founders will play an active role in the management and strategic growth of the institution and plan to live and work in Bermuda.

Mr Stock will be chairman of Capital G Bank, Messrs Fotak and Truran will be co-CEOs, Mr Carrick will be chief financial officer, Mr Hedstrom will be chief risk officer and Mr Flohr will be the chief corporate development officer.

James Gibbons will remain actively involved and serve as a director of Capital G Bank.

Capital G stated: “It is expected that over the next five to ten years profitability of the institution will grow significantly with expansion into new lines of business and growth into new markets enabling the continued employment of Bermudian and international talent.”

James Gibbons of Edmund Gibbons Ltd, said: “Today’s announcement represents a significant achievement for Capital G Bank and one of our initial goals to build, diversify and grow our business in Bermuda and other markets around the world. The investment by CWH Ltd represents a commitment in Bermuda, in Capital G, its valued clients and 180-plus employees.”

Mr Fotak, of CWH, added: “The Gibbons family and the management of the bank have built a first-class organisation. Bermuda is a world-class financial services centre.

“We share the same values with the Gibbons family: Client focus, teamwork and integrity. We are committed to a partnership that continues with the strategy that makes this bank the best in class financial services provider to all of its clients — domestic as well as international.”