Proposed Amalgamation of BCB with FBG

IMPORTANT NOTICE TO ALL CLIENTS

We are pleased to inform you that First Bermuda Group Ltd. (FBG) is in negotiations with Permanent Investments Limited (PIL), the new majority shareholder of Bermuda Commercial Bank Limited (BCB), to proceed with an amalgamation subject to certain conditions which includes the approval of the shareholders of BCB and FBG and to the extent required, a ‘no objection’ from the Bermuda Monetary Authority.

This amalgamation is not anticipated to result in any redundancies and the significant complementation between the business activities of BCB and FBG provide an excellent platform for growth as a single, well-capitalized entity.  It will serve to offer not only full service banking but additional products and service lines to all clients. 

Management is excited by what will result from this amalgamation and will keep the public well informed.

About First Bermuda Group

First Bermuda Group is the only licensed deposit company in Bermuda regulated under the Banks and Deposits Act 1999. It provides services to both local and international clients, including savings and deposit products, mortgages, and high quality, cost effective investment products. It is also a listing and trading member of the BSX.

About Permanent Investments Limited

Permanent Investments Limited is a Bermuda exempted company that is owned and funded by a group of four investment funds and investment companies.

About Bermuda Commercial Bank

Bermuda Commercial Bank is one of Bermuda’s four licensed banks, established in 1969 and listed on the Bermuda Stock Exchange. Bermuda Commercial Bank is a corporate and private wealth bank, offering a range of services through its subsidiaries International Corporate Management of Bermuda, BCB Trust Company Limited, Bercom Nominees Limited and BCB (Mauritius) Limited. Bermuda Commercial Bank takes pride in ensuring clients’ assets are safely and professionally managed at its Hamilton based office.

For more information on the Bank please visit its website www.bcb.bm.