Bermuda Commercial Bank Proposed Restructuring
Bermuda Commercial Bank Limited [BCB] proposes to establish a new holding company, Bermuda National Limited [BNL].
The new company will be an exempted limited liability company incorporated under the laws of Bermuda. BNL will become an investment holding company for BCB, its subsidiaries and other strategic investments. The shares of BNL will be listed on the Bermuda Stock Exchange [BSX].
BCB will maintain its existing Board of Directors and the BCB board will be distinct from, and function independently of the BNL Board. The day to day operations of BCB and its medium-term business strategy will remain unchanged. BCB will continue to be regulated by the Bermuda Monetary Authority.
The restructuring contemplates BCB delisting from the BSX, and the current BCB shareholders becoming shareholders of BNL in the same proportion to their current shareholding in BCB without any dilution of their respective percentage ownership.
Following the restructuring the rights, privileges and restrictions attaching to the BNL Shares will be substantially identical to those attaching to the common shares of BCB (“BCB Shares”). BCB will continue to provide banking, treasury, custodial, asset management, trust and corporate services in Bermuda for their world-wide clients. The restructuring will not, of itself, alter the underlying assets, business or financial position of BCB.
The full release about the proposed restructuring is here [PDF].
