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Bermuda Commercial Bank is set to get a new owner after parent company Somers Ltd agreed to sell to investment company Provident Holdings. Provident is owned by an investment group led by Christopher Maybury, a Bermuda resident, who is promising “a m...

Somers Ltd has terminated the agreement to sell Bermuda Commercial Bank to Permanent Capital Holdings Ltd after it received better offers. The financial-services holding company said in a filing with the Bermuda Stock Exchange yesterday: “Somers conf...

Somers Ltd remains hopeful that it can complete the agreed sale of Bermuda Commercial Bank after the deal was stalled by the Covid-19 crisis. The financial-services holding company agreed last year to sell BCB to Permanent Capital Holdings Ltd and in...

The completion of the deal to buy out Bermuda Commercial Bank will be delayed, probably into the summer. Somers Ltd, a financial-services investment holding company, agreed last year to sell BCB to Permanent Capital Holdings Ltd and last month the de...

Somers Ltd has reported a net loss for the year of $9.7 million while it awaits government and regulatory approvals for the sale of Bermuda Commercial Bank, which it expects to receive “shortly”. Year-end results for the financial services investment...

A New York investment firm that is in the process of buying Bermuda Commercial Bank has “no plans with regard to gaming”, one of its principals insisted yesterday. Lewis Katz, managing partner of Permanent Capital, was asked by The Royal Gazette to c...

One of the three men lined up to be new co-owners of Bermuda Commercial Bank is no longer one of the purchasers. Logan Sugarman was to have been a 20 per cent beneficial owner of the bank, but will no longer be, according to Permanent Capital Holding...

Somers Ltd posted a $16.8 million loss in the last three months of last year, driven by a decrease in the market value of its investments and currency fluctuations. The loss resulted in a 4.6 per cent decrease in Somers’ net asset value per share dur...

Somers Ltd has agreed to the conditional sale of its majority stake in UK firm Stockdale Securities Ltd to Shore Capital Markets Ltd in a deal worth up to £4.9 million ($6.3 million). The move follows Somers’ agreement to sell Bermuda Commercial Bank...

Bermuda Commercial Bank is to be sold to a New York investment firm which has plans to grow the business and expand its services. Permanent Capital, which describes itself as “a socially oriented investor in financial-services companies”, announced t...

Somers Ltd’s first-quarter profits rose on the back of an increase in the value of the companies in which it invests. The financial-services holding company and owner of Bermuda Commercial Bank, said net income for the first three months of the year ...

Somers Ltd generated net income of $15.5 million in the last three months of last year, helped by a strengthening of the UK pound. The Bermudian-based financial-services holding company, which owns Bermuda Commercial Bank, reported strong results acr...