Bermuda Commercial Bank has agreed to merge with Paragon Trust Ltd and Charter Corporate Services Ltd.

The Trinity Hall offices of Paragon and Charter at 43 Cedar Avenue will become BCB’s private wealth services centre

The amalgamation is expected to be completed by October 4, 2011. Paragon, a trust company, and Charter, a full-service corporate administration firm, have eight employees.

Michael Collier, chairman of BCB, said the bringing of Paragon and Charter into the BCB group was consistent with BCB’s strategic objectives and overall business goals of creating a full-service, boutique premier wealth management financial institution.

“We are pleased to welcome the staff and clients of both Paragon and Charter into the BCB group and are excited about the opportunities this provides for the amalgamated group and all of its clients,” Mr Collier said.

“This amalgamation is an excellent strategic fit with BCB’s current direction and future plans for growth in the domestic market, and on a consolidated basis this strengthens our competitive position to serve both our local and international clients.”

Luciano Aicardi, managing director of Paragon and Charter, said: “We are delighted with these amalgamations, both because of the new range of banking products that will be available to our clients and for the business opportunities that will be available to the amalgamated group.

“We will continue to provide our clients with the level and quality of service that they have always enjoyed at Paragon and Charter, while being able to offer them an enhanced range of products and services as part of the BCB Group of Companies.”

Paragon was established in 1997 and is a fully licensed Bermuda trust company that offers a complete range of trust services, including the establishment and administration of commercial and private trusts. It also offers estate planning and executorships, as well as estate administration.

Charter was established in 1999 as a full-service corporate administration company providing a range of services to local and international clients. Charter provides corporate administrative and secretarial services to both local and exempted companies, which operate in a wide range of sectors including insurance and reinsurance, insurance management, aircraft holding and leasing, mutual funds, ship owning and chartering, landholding and investment holding. In addition, Charter administers companies incorporated in other jurisdictions where permitted by applicable law.