Agreement To Sell Bermuda Commercial Bank

November 19, 2020 | 2 Comments

In a filing with the Bermuda Stock Exchange [BSX], Somers Limited said it has entered into an agreement which will result in the sale of Bermuda Commercial Bank to the investment company Provident Holdings.

The filing stated, “Somers Limited, a BSX listed financial services investment holding company, is pleased to announce that it has entered into an agreement and plan of merger which will result in the sale of the entire issued share capital of Bermuda Commercial Bank Limited [BCB] to the investment company Provident Holdings Ltd.

“Provident is a company newly-incorporated for this purpose and is owned by an investment group led by Bermuda resident Christopher Maybury. Completion of the transaction is subject to a number of conditions including regulatory and Governmental approvals.”

Warren McLeland, Chairman of Somers, commented, “Somers is pleased to announce that it has entered into an agreement with Provident for the sale of BCB. We expect that under new ownership, BCB can build on the foundations established by Somers and go on to thrive. We will update shareholders once the necessary regulatory and Government approvals have been received and the sale can be completed.”

Alan Gilbertson, Chairman of Bermuda Commercial Bank, commented, “We are pleased that the future ownership of BCB has been resolved. We look forward to working with Mr. Maybury and Provident, when the acquisition is complete, to grow BCB and to offer Bermuda a genuine banking alternative. I would also like to thank Somers for its commitment and support to BCB over the past 10 years.”

Christopher Maybury, the spokesman for Provident, commented, “Today represents a significant step forward for banking and financial services in Bermuda as BCB will create a more dynamic option for Bermuda’s residents and business community. It would be remiss of me not to thank Somers and BCB’s management for such a professional attitude during our negotiations. We look forward to sharing our vision for BCB with the island once all of the requisite permissions are granted.“

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Comments (2)

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  1. Scooby Doo says:

    Can anyone guess which bank is going to be the bank that provides digital/crypto banking services and casino banking in Bermuda?

    Answers below to be entered in a draw to win your own box of Cracker Jacks with a special surprise.

    • It won’t be BCB says:

      Burts new digital bank will handle all cashless (digital) gaming! Obviously. BCB is not that Bank!

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