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.