The Capital G Bank Ltd (CGB) amalgamation agreement is expected to yield new jobs.

And the deal to take a controlling interest in CGB by the newly formed Clarien Group Ltd will leave former sole owner Edmund Gibbons Ltd with a 20 percent ownership stake in the new entity, as well as $20 million in preference shares, CGB spokesman Michael DeCouto said.

He was answering questions after Tuesday’s announcement that an agreement had been reached that CGB would amalgamate with Clarien Group Ltd, which is a wholly owned subsidiary of a new Bermuda exempted company, CWH Ltd.

He said in respect to jobs: “Capital G will 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. 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.”

Mr DeCouto would not reveal the total value of the deal, saying: “Specific financial details of the transaction remain confidential to both parties and will not be disclosed.”

The newly amalgamated entity will remain known as Capital G Bank, he said. “The Capital G Bank brand will be retained at this time and will continue to operate as normal under its current brand.”

Expanding on CGB’s initial announcement that they will be expanding into new lines of business and new markets, he said: “Capital G Bank and the Clarien Group have a comprehensive business plan which includes the expansion into new markets, the development of new products and the diversification into other lines of business. Announcements of its developments will be released throughout the next several years.”

Mr DeCouto said Clarien Group Ltd had been formed for the purposes of amalgamating with Capital G. He added: “CWH Ltd is a newly formed Bermuda exempted company which applied for and was granted a S114B and S129A licence to conduct business in Bermuda. CWH was founded by six individuals for the purpose of investing in Capital G Bank Ltd and the future development of global financial products and services.”

He said that Clarien Ltd and CWH group were specifically formed to invest and amalgamate with Capital G Bank Ltd, and that both companies are privately held. “There are no plans in the immediate short term to list either company (on a stock exchange),” he said.

One of the founders of CWH is CGB chief executive officer Ian Truran, who will continue to serve as the bank’s co-CEO.

CWH founders also include CGB chief financial officer David Carrick, along with Robert Flohr, Zoran Fotak, Mitchell Hedstrom and Keith Stock, all of whom will take active roles within the company.

Mr DeCouto said: “All executives will live and work in Bermuda. Keith Stock has had a residence in Southampton, Bermuda for several years and Mitch Hedstrom is married to a Bermudian.”

Answering questions about the potential for conflict of interest in respect to the inclusion of CGB executives Mr Truran and Mr Carrick in the founding of CWH, he said: “All the necessary due diligence, governance and independent legal oversight was conducted to ensure the full integrity of the transaction between EGL and the Clarien Group.”

And asked if Mr Truran could comment on his role in the amalgamation, he said: “Collectively we look forward to the development of the Bank. Capital G, Clarien Group and Bermuda are perfectly positioned to deliver world-class products and services to the world.”

For information on the Clarien Group go to www.clariengroup.com.