Comments on: Capital G Ltd Acquired By CWH/Clarien Group

By: Capital G Bank Rebrands As Clarien Bank | Bernews.com

Capital G Bank Rebrands As Clarien Bank | Bernews.com — Tue, 22 Apr 2014 03:26:04 +0000

[...] January of this year, CWH/Clarien Group assumed the majority ownership of Capital G Limited [now Clarien Bank], while [...]

By: Capital G Bank Makes Five Positions Redundant | Bernews.com

Capital G Bank Makes Five Positions Redundant | Bernews.com — Thu, 03 Apr 2014 13:02:04 +0000

[...] January of this year CWH Ltd assumed the majority ownership of Capital G Limited, while Edmund Gibbons Ltd remains involved as a minority [...]

By: yesman

yesman — Thu, 09 Jan 2014 12:14:31 +0000

Explain HSBC and the hundreds of layoffs since the acquisition of Bank of Bermuda.

By: sandgrownan

sandgrownan — Thu, 09 Jan 2014 01:57:01 +0000

It’s the other way round, the reason they need the capital injection, is because the economy is s***.

By: Unbelievebale

Unbelievebale — Wed, 08 Jan 2014 23:22:47 +0000

All these guys are laughing at these comments while we crabs in the bucket argue over this.

By: Your joking

Your joking — Wed, 08 Jan 2014 21:43:29 +0000

3 dislikes …shows some in Bermuda dislike the truth ..

By: Ben Dover

Ben Dover — Wed, 08 Jan 2014 20:46:03 +0000

BNTB would have been bankRUPT had CIBC not stepped in with a capital infusion.

By: Loquatz

Loquatz — Wed, 08 Jan 2014 20:28:19 +0000

Now, Bermuda SHOULD publish information on foreclosures. That information, which is highly relevant to the real estate market, is currently utterly obscure.

By: Loquatz

Loquatz — Wed, 08 Jan 2014 20:26:59 +0000

Irrelevant: they control the bank.

By: yesman

yesman — Wed, 08 Jan 2014 20:01:07 +0000

Following the recent trends, it’s probably only a matter of time before Butterfield Bank is bought.

RIP Jobs
RIP Bermuda Banks
RIP The economy

By: Just Wondering

Just Wondering — Wed, 08 Jan 2014 19:29:33 +0000

Nope they have a large share hold but do not have enough to ‘own’ the bank so Butterfield is still a Bermudian bank

By: Just Wondering

Just Wondering — Wed, 08 Jan 2014 19:27:58 +0000

As the others have said, they have not purchased Butterfield bank they do hold a large amount of shares enough for the bank to listen to them but not enough to be the owners

By: tried

tried — Wed, 08 Jan 2014 17:54:22 +0000

Luckily for you, you don’t have to. They bought a bank, not a used car dealership.

By: Investing

Investing — Wed, 08 Jan 2014 17:53:04 +0000

Rich white men, that happen to be investing in Bermuda where is the issue? Would you rather the rich white men just leave keep their money out of Bermuda?

By: Politically Incorrect

Politically Incorrect — Wed, 08 Jan 2014 17:19:41 +0000

Yeah. That’s why they needed to be bailed out…

By: js

js — Wed, 08 Jan 2014 16:59:52 +0000

you can’t erase 400 years of racial segregation overnight

like there are 2 Bermudas there are 2 definitions of what it means to be Bermudian

never the twain shall meet

By: Al

Al — Wed, 08 Jan 2014 16:27:29 +0000

Can everyone please define what it means to be Bermudian when they make their statements? Remember – not one of us was actually here before 1609, so it really then becomes a game of the number of generations that your family has lived here. Personally, if you’re born here and grew up in our culture, that is what makes a Bermudian. So, for illustrative purposes, if these new owners marry and have kids here, those kids are Bermudian and then subsequently will own the bank, making it Bermudian owned within a generation. Any thoughts?

Also, this is really positive for Bermuda. If you know anything about economics you would realize that foreign investment is almost always very positive. Let’s be positive that foreigners are bullish on Bermuda, not this constant negativity everyone battles on about. Sometimes it’s like crabs in a bucket, man I swear..

By: Hmmmmm

Hmmmmm — Wed, 08 Jan 2014 15:21:34 +0000

Don’t you know you’re not allowed to ask those questions? Those questions are for the other guys. The picture was released to let you know that no questions need be asked.

By: Charter

Charter — Wed, 08 Jan 2014 14:58:46 +0000

Well who do expect to buy it?

By: Charter

Charter — Wed, 08 Jan 2014 14:57:33 +0000

Controlled by CIBC: the Bermuda shareholders are there at their mercy.

By: Oogly

Oogly — Wed, 08 Jan 2014 14:06:41 +0000

Look,Cap G. was shopping itself to foreign banks (known to everyone in the industry), but no one would bite (too many bad loans on the books), so they had to find a pack of individual investors to put in money to keep the place afloat. This is short term… bought them some time… and now these guys will try to clean the balance sheet up before selling it (finally) to a foreign bank in a couple of years and pocketing deep profits.

Rumour has it HSBC is on the block, too… want to exit BDA. And the Canadians own 20% of BNTB, so they’ll go the way of the maple leaf soon!

In a couple of years, Bermuda’s banking scene will look like it does on the other islands down south. RBC, Scotia and CIBC-FC holding 90% of the business. NOt sure that’s such a bad thing for customers. They are the safest banks in the world, have long histories in island banking and bring good products and systems, but still employ lots of locals.

By: bluebird

bluebird — Wed, 08 Jan 2014 14:02:17 +0000

REMEMBER THE GOLEDONE RULE
HE WHO HAS THE GOLD RULES.
What a sad bunch of ignorant racists comenting on some of the blogs
We have to compete with the whole world now and the PLP put us in over $2BILLION dollars in DEBT.25,000 working Bermudians with 8,000 on the government payroll we cannot generate that kind of money.$2Billion but we sure can spend it.$120Million in interest alone each year.

By: Oogly

Oogly — Wed, 08 Jan 2014 13:54:59 +0000

20% does not a “purchase” make.

By: JUNK YARD DOG

JUNK YARD DOG — Wed, 08 Jan 2014 13:22:46 +0000

It is minus 4 degrees in Canada just now, it is understandable that the six would would want Bermuda for a playground along with the rest of the Caribbean “A”

By: Sandgrownan

Sandgrownan — Wed, 08 Jan 2014 12:51:53 +0000

Wrong again

By: Sandgrownan

Sandgrownan — Wed, 08 Jan 2014 12:50:33 +0000

Hmmm..not true..factually incorrect.

By: Y-Gurl

Y-Gurl — Wed, 08 Jan 2014 12:27:02 +0000

Glad to hear the new foreign owner will be moving here, does this mean the former First Bermuda mortgages and loans are now held by a Canadian consortium, that gives “Buy Bermuda” a whole new meaning

By: adding up

adding up — Wed, 08 Jan 2014 12:19:57 +0000

Looks kind of like a partial management buyout to me. The current (Bermudian) CEO has teamed up with a spouse of a Bermudian and another guy who has been working in banking here long enough to have status, and they have brought in three partners with impressive international experience in order to expand the business and allow the current (not so young) ‘owner’ to take a step back.

To those bemoaning the lack of ‘Bermudian’ banks: Locally financed storefront banking elsewhere in the world died out a century ago – when the average person needed to borrow more than a couple of rich local guys could lend. It is a global economy now, and investing in that economy is how banks make money. Today, no community the size of Bermuda could have its ‘own’ bank. We were lucky to have ‘local’ banking institutions for much longer than most places, and at least BNTB retains a fairly local approach and has a significant pool of local shareholders. Hopefully the new version of Capital G will take the same approach, maybe better.

By: Mr. Meoff

Mr. Meoff — Wed, 08 Jan 2014 12:19:20 +0000

Well done BDA. Keep selling your a** to foreigners. This is not BERMUDA anymore, we are owned by foreigners. More job loses, more poor service etc etc. Nuff said

By: SMH

SMH — Wed, 08 Jan 2014 12:17:36 +0000

So what! If those of you only see colour and gender in this article than get off your mouth pieces and start demanding real education and better pareting. Stop holding yourselves back and limiting your job not career choices to construction and hotel work. Make sure your children are choosing finance in school and then tides will change. Who cares who approved this? If they had the foresight and legal yardsticks covered than why not grant permission to this merger.

By: Goalie Interference

Goalie Interference — Wed, 08 Jan 2014 12:07:32 +0000

Getting a good laugh at the anti-foreigner comments. If foreigners had saved the failing banks of Greece, Ireland or Iceland without a huge taxpayer bailout, those countries would have thrown the banks’ rescuers a parade! Here, people complain that the rescuers are non-Bermudian.

Bermuda’s recession drags on and on because Bermudians gripe at every attempt at foreign investment.

By: Starting point

Starting point — Wed, 08 Jan 2014 12:03:43 +0000

Two are Bermudian and one is married to a Bermudian. Seems pretty good to me.

Funny how Bermudians all boo hoo about everything foreign but If a McDonalds was built it would instantly be the number one restaurant on the island.

By: Common Sense

Common Sense — Wed, 08 Jan 2014 09:57:34 +0000

Who are Clarien Group?
Why are they qualified?
Why are they eligible?

By: frank

frank — Wed, 08 Jan 2014 09:53:32 +0000

in name only

By: Your joking

Your joking — Wed, 08 Jan 2014 06:57:53 +0000

Wrong…..not even close….He is multi generation Bermudian…..

By: Wha?

Wha? — Wed, 08 Jan 2014 03:20:26 +0000

Not sure if I’d be inclined to buy a used car from any of this group of six.

By: Concerned Citizen

Concerned Citizen — Wed, 08 Jan 2014 02:55:30 +0000

Read the press statement. This deal required the BMA and Govt approval. Now, FYI, it is the Minister of Economic Development who is responsible for the approval of acquisitions as the Registrar of Companies is within that Ministry. Still no conflict right?

By: Robert

Robert — Wed, 08 Jan 2014 01:58:35 +0000

Another group of rich white men, here we go again !!!

By: Robert

Robert — Wed, 08 Jan 2014 01:56:48 +0000

Wow, never thought about that !!! Well played grant

By: Robert

Robert — Wed, 08 Jan 2014 01:54:22 +0000

Its Canadian mate

By: Robert

Robert — Wed, 08 Jan 2014 01:53:17 +0000

No my friend, it was purchased some time ago by the Canadians

By: Robert

Robert — Wed, 08 Jan 2014 01:50:41 +0000

Wow terry, i would normally agree with you but that has to be the most racist comment I’ve read on this site.

By: Just Wondering

Just Wondering — Wed, 08 Jan 2014 01:16:11 +0000

Butterfield bank is still locally owned

By: Just Wondering

Just Wondering — Wed, 08 Jan 2014 01:15:39 +0000

Butterfield Bank is still a Bermudian bank

By: James

James — Wed, 08 Jan 2014 01:07:37 +0000

One that charges 6.75% on money that they buy buy for under 1%. Oh and give 1% on savings.

By: Unbelievebale

Unbelievebale — Wed, 08 Jan 2014 00:34:23 +0000

That does not mean Grant Gibbons gave any approval for anything. If it did, it must have come from the Minister of Finance as the Ministry of Finance, I’m sure, has the ability to regulate over banks. Or how about the Bermuda Monetary Authority? Stop looking for trouble.

He is the Minister of Economic Development. Not of Finance.
But then again, does such a thing need to be approved?

By: jenni

jenni — Wed, 08 Jan 2014 00:14:09 +0000

I just want to no who is CWh ltd is it canada or where is this company from.

By: Concerned Citizen

Concerned Citizen — Tue, 07 Jan 2014 23:09:52 +0000

Why are certain media reporting of a partnership/amalgamation when this is clearly an acquisition? I will also like to know who the ultimate beneficial owners are of this NewCo? Where is the money coming from? Who do these new directors represent?

By: Mazumbo

Mazumbo — Tue, 07 Jan 2014 23:01:00 +0000

What’s a Bermuda Bank.

By: Concerned Citizen

Concerned Citizen — Tue, 07 Jan 2014 22:56:26 +0000

Is this the OBAs “fault”? Can’t blame the PLP on this! btw, does this speak to the Gibbons ability to run a business, after all, we know the normal narrative? Lastly, Grant Gibbons is the Min of Economic development right? That means that Grant Gibbons gave the Governments approval for this acquisition to occur! That, fear friends, is a massive conflict of interest. Anybody willing to provide an “excuse” for these events, without blaming the PLP or is this just “normal” business?