Cornerstone Acquires Controlling Interest In CGL
Clarien Bank Limited announced that, pending regulatory approvals, Cornerstone Financial Holdings Ltd or its nominee, will acquire a controlling interest in Clarien Group Limited [CGL].
A spokesperson said, “Clarien Bank Limited [the Bank /Clarien], a leading financial institution on the Island, is pleased to announce that, pending regulatory approvals, Cornerstone Financial Holdings Ltd [Cornerstone] or its nominee, will acquire a controlling interest in Clarien Group Limited [CGL]. This transaction will further strengthen Clarien’s global market position and reflects Cornerstone’s confidence in Clarien’s vision and business priorities.
“Existing CGL shareholders, NCB Financial Group Limited [NCBFG] and Edmund Gibbons Limited [EGL], will remain shareholders alongside Cornerstone to take the business forward and have expressed their ongoing support and commitment to the Bank. They have stated their confidence in the proposed sale as well as belief in Clarien’s continued success and the plans to provide transition support to Cornerstone.
Ian Truran, CEO of Clarien Bank, stated that Cornerstone’s investment is a testament to the shared values of both organisations. “The culture of Cornerstone aligns perfectly with Clarien,” said Mr. Truran. “This proposed transaction provides an opportunity for us to continue to deliver exceptional value to clients and stakeholders by offering the highest levels of service, enhanced products, and innovative solutions.”
The spokesperson said, “Mr. Truran emphasised that Cornerstone’s proven success in various portfolio companies reassures the CGL Shareholders, the Bank’s Board of Directors and team of their capability and credibility in driving the Bank’s growth and success.”
“With Clarien’s ongoing financial stability, strong capital and liquidity ratios, as well as robust financial results in the last financial year, we are confident in our ability to provide reliable and value-creating financial services to new and existing clients,” Mr. Truran added.
Clarien’s focus remains firmly on its customers’ financial well-being and maintaining the highest level of service quality. “Our client accounts, deposits, and all the services they currently enjoy with us will remain unaffected,” Mr. Truran said.
“On behalf of the Executive Team at Clarien, I wish to thank all stakeholders for their continued support throughout this process,” Mr. Truran said. “We also wish to thank our clients for their continued trust and partnership as we embark on this exciting new chapter together. We are excited about the prospects that Cornerstone’s pending controlling interest of CGL brings to the Bank and look forward to delivering innovative financial solutions and exceptional service today, tomorrow and for years to come.”
The spokesperson said, “Michael Lee-Chin, Chairman of NCBFG and James Gibbons, Director of EGL, highlighted their satisfaction with the proposed Sale Purchase to Cornerstone; noting that the change will allow Clarien to leverage Cornerstone’s established network and customer base for stakeholder value. In addition, it will provide Cornerstone with the opportunity to collaborate with an established bank in Bermuda, – one of the world’s leading financial centres.”
Noting the importance of this landmark deal, Mark Myers, Chairman of Cornerstone explained: “We are truly excited about the tremendous opportunities this strategic partnership brings. This move, subject to applicable regulatory approvals, will provide Cornerstone with expanded market opportunities and strengthen our capabilities to meet the evolving demands of the dynamic banking and wealth management landscape. By merging Clarien’s strengths and Cornerstone’s management expertise, we are forging a powerful synergy that promises unparalleled benefits to customers, staff, and stakeholders.”
The spokesperson said, “The Clarien Group encourages stakeholders with questions to contact their dedicated relationship manager. Clarien’s team will happily address any queries and provide clients with the necessary information and assistance.”
