History of First Bermuda Group

FBG is licensed in Bermuda under The Banks & Deposit Companies Act 1999, Investment Business Act 2003 and the Insurance Act 1978 and is regulated by the Bermuda Monetary Authority.

On the investment side, FBG provides investment brokerage, advisory and execution services on global equities, fixed income and mutual funds to individuals and trusts, as well as to local and international companies -- whether based in Bermuda or elsewhere. FBG is a member of the Bermuda Stock Exchange, and is licensed to provide brokerage services in Bermuda dollar securities. FBG also acts as sponsor to those companies and funds seeking to list on the Bermuda Stock Exchange. Its Wealth Management Group was established to provide a broad range of investment management services, which are now being undertaken by First Bermuda Asset Management. FBS Capital provides financial intermediary and capital solution services as a division of FBG.

Bermuda Savings & Loan Ltd. was originally formed by Private Act in 1969, and accepts term and savings deposits and grants mortgages and personal loans. The company was acquired by FBG and today operates under the name First Bermuda Savings & Loan, and is FBG's largest operating division.

FBG maintains the following wholly owned subsidiary companies:

1. First Bermuda Securities (BVI) Limited was incorporated in the British Virgin Islands in November 1992. This stock brokerage company provides execution services on equities, options, fixed income and money market instruments in each of the major global capital markets. The company is registered in the United States with the Securities and Exchange Commission ("SEC") and is a broker/dealer member of the National Association of Securities Dealers, Inc. ("NASD"), and the Securities Investor Protection Corporation ("SIPC"). The company maintains correspondent relationships with an investment banking and clearing firm in the United States.
2. Onshore Nominees Ltd. was incorporated in Bermuda in December 1993 to provide nominee services for its own and for client accounts and is registered with the US Internal Revenue Service as a Qualified Intermediary (QI).
3. Offshore Nominees Ltd. was incorporated in Bermuda in December 1993 to provide nominee services for its own and for client accounts and is registered with the US Internal Revenue Services as a Qualified Intermediary (QI).
4. FBS Nominees Ltd. was incorporated in Bermuda in 1991.

FBG also owns 27% of Corner Development Limited which has completed construction of FBG's new head-offices building located in the heart of the financial district in Hamilton, Bermuda.