UK-based financial advisory firm deVere Group has forayed into the private banking sector through the acquisition of St Lucia-based Arton Bank for an undisclosed sum.

The new private bank, branded as deVere Group Bank St Lucia, is the first to be owned by an independently-owned financial advisory firm.

deVere founder and CEO Nigel Green said that the move was largely driven by clients’ increasing demand for asset and capital protection and growth, and confidentiality.

“deVere Group Bank St Lucia will allow us to further broaden our offering as a company. We are now able to directly provide private international banking services for our clients and corporate banking solutions to small businesses. The Bank is set to become an integral part of our business and it will share deVere’s client-first culture," Green said. 

The new private bank on the Caribbean island of St Lucia will be particularly targeted at expats and international investors, the firm said.

“With accounts offering centralised, secure, flexible and international access to funds, they are, naturally, a good option for those who live more internationally-mobile and transient lives," Green said.

The firm also added that it will continue to implement expansion plans for its financial advisory operations.