Banque Cramer & Cie (BCC), a division of Norinvest Holding, has sold 85% stake in its fully-owned Bahamas based subsidiary Private Investment Bank (PIB) to strategic investors.

The investors include IXE Holding, IPG Securities Asset Management and TR4 Holding. The investors are planning to establish a new entity, IXE Capital Bahamas, for the purpose of the transaction.

Subject to approval by the Central Bank of the Bahamas, the deal is expected to close towards the end of October 2017.

BCC chairman and vice-chairman of both NIH and PIBL Marco Netzer said: “While we felt that BCC might no longer be the best owner for PIBL, we were committed to finding a solid partner, which can provide PIBL with healthy development prospects, and at the same time safeguard PIBL's independence to the benefit of PIBL's existing and very loyal client base.”

IPG Securities Asset Management partner and future CEO of IXE Capital Bahamas Carlos Molina said: "We are excited about the new opportunities that will be captured as a result of this partnership. This initiative will create operational efficiencies and will bring the focus back on our HNWI clients, so as to fill the gap left by large financial institutions."

BCC said that it will keep a representative at PIBL's board of directors and Roger Durig will remain as CEO of PIB.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.