Commercial Bank sale closes
Somers Limited has completed the $72.8 million sale of Bermuda Commercial Bank to a new company led by Bermuda resident Chris Maybury.
Somers said all conditions relating to the sale, first announced last November, of Bermuda Commercial Bank Limited have been fulfilled, including the requisite regulatory and Bermuda Government approvals.
A statement said: “Accordingly, Somers has completed the sale of BCB to the investment company Provident Holdings Ltd. 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 Somers’ debt and for investment purposes.
As part of the transaction, Somers has agreed to acquire 21 million shares in PCF Group plc from BCB and Somers’ direct holding in PCF will be increased to 64.4 per cent.
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, co-operation 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”.
Completion of the sale of BCB ends a long search for a buyer for the bank.
In 2019, Somers agreed to sell to New York-based Permanent Capital Holdings and in February 2020 the deal received regulatory approvals.
But Somers scrapped the sale last August because it said it had received a number of better offers for the bank.
Mr Maybury, a Bermuda resident, was a co-owner of Permanent Capital.
He is also chairman and founder of Beacon Events Hong Kong and deputy chairman of the Bermuda Economic Development Corporation.
Mr Maybury has a strong business and entrepreneurial background. He was previously chief executive officer and a shareholder of the Institute for International Research, a company that grew into the world’s largest conference and performance improvement company before it was sold to Informa in 2004 for $1.3 billion.
He also held leading roles at global media organisation News Corporation, including chief executive, European Marketing and CEO, Times Newspapers.