Commercial Bank Completes Amalgamation
Bermuda Commercial Bank confirmed that the amalgamation of Paragon Trust Ltd and Charter Corporate Services Ltd was completed yesterday [Oct.4]
The combined entities will operate as subsidiaries of BCB under the names of BCB Paragon Trust Ltd and BCB Charter Corporate Services Ltd. The current offices of Paragon and Charter at “Trinity Hall”, 43 Cedar Avenue in Hamilton will become the centre for Private Wealth services for BCB.
Michael Collier, Chairman of BCB, commented “We are very pleased with the completion of the amalgamation process and are looking forward to the future with our new wealth management centre at Trinity Hall. We are excited about expanding our Private Wealth business and this amalgamation solidifies our strategic positioning.”
Luciano Aicardi, Managing Director of Paragon and Charter, stated that, “Paragon and Charter are excited to be working with the entire BCB team. This is a great platform for all of our products and services and we will now be able to offer our clients a complete turn-key service.”
A statement released by BCB said, “As stated in the 2010 annual report, BCB’s goal is to become the recognized leader for customer service in Bermuda. The amalgamation further strengthens BCB’s platform and ability to deliver tailored financial solutions to the bank’s global clients. Paragon and Charter’s stellar reputations and established success within their individual markets will help to boost the bank’s current range of services and strengthen BCB’s position as Bermuda’s full-service, boutique premier wealth management financial institution. “
