Sale Of Bermuda Commercial Bank Completed

July 21, 2021 | 1 Comment

Somers Limited has “completed the sale” of Bermuda Commercial Bank [BCB] to Provident Holdings Ltd for a “total consideration of $72.8 million,” the company has confirmed.

A spokesperson said, “Somers Limited, a BSX listed financial services investment holding company, announces that further to the Company’s announcement on November 19, 2020, all conditions relating to the sale of Bermuda Commercial Bank Limited have been fulfilled, including the requisite regulatory and Bermuda Government approvals.

“Accordingly, Somers has completed the sale of BCB to the investment company Provident Holdings Ltd. [“Provident”] for a total consideration of $72.8 million, which will be satisfied by a combination of cash and a loan facility provided by Somers to Provident. The consideration received on completion will be used to reduce the Company’s debt and for investment purposes.

“As part of the transaction Somers has agreed to acquire 21 million shares in PCF Group plc [PCF] from BCB and Somers’ direct holding in PCF will be increased to 64.4%.”

Peter Durhager, Chairman of Somers, commented: “Somers is pleased to announce the completion of the sale of BCB. The sale process has been prolonged, but we are delighted that it has now concluded. We intend to use the proceeds to reduce the Company’s debt and for investment purposes and we wish Provident and BCB all the best in the future.”

Chris Maybury, one of the principals of Provident Holdings Limited said: “We are delighted that the acquisition of BCB has been completed.

“We would like to thank the Government, the BMA, Somers and BCB for their assistance, cooperation and professionalism during what has been a long and thorough process. In time, BCB looks forward to announcing new products and services that will create a challenger bank for Bermuda”.

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  1. Awesome says:

    Hoping this bank breathes life into Bermuda economy by investing locally in Bermuda projects and it helps get gaming off the ground. My bie who is part of this new bank deal knows all about gaming and I am looking forward to spending a lot of my time supporting East End businesses including the St Regis casino and St Georges restaurants, and shops. Go new BCB and go St Georges you have our support.

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