BCB names Bermudian Clipper CEO
Bermuda Commercial Bank Limited announced the appointment of Jonathan C. Clipper as its Chief Executive Officer.
Mr Clipper joined the Board of the Bank as a non-executive director in August 2011 and succeeds Michael Collier, who will remain as Chairman of the BCB Board.
Mr Clipper, a Bermudian, is chairman and managing director of locally-incorporated Headland Management Ltd, a role he will maintain while assuming this new position.
Headland Management specialises in providing independent directors for exempt company boards and offshore funds.
“Jonathan’s track record of over 30 years of experience in the financial services industry will provide an excellent foundation for BCB to expand its wealth management and commercial banking activities,” said BCB Chairman, Mr. Michael Collier.
“I am delighted to hand over the reins to him and am confident that he will bring great value to our clients.”
From July 2010 through the end of December 2010, Mr Clipper was CEO of First Bermuda Group, during which time he oversaw the successful amalgamation of that business with Capital G Bank Ltd.
He also has significant international and local banking experience, locally with the Bank of Bermuda and internationally with Chase in London and Singapore and with Citibank, in London, Edinburgh and Hong Kong.
In his new role, Mr Clipper will be responsible for managing the businesses of the BCB Group, and also setting the strategic plans, ensuring the Group companies meet their statutory obligations and maintaining the Group’s vision and values.
He will also be responsible for the Group’s relationships with its external stakeholders, such as the Government and the Bermuda Monetary Authority, trade bodies, the media and the general public.
He will report to the Board of Directors.
“I have known Jonathan since we were at Chase together in Asia in the 1980s and warmly welcome him to this new role,” said BCB Deputy Chairman, Mr. Warren McLeland.
“I would also like to take this opportunity to thank Michael for his role as Managing Director since the Bank was acquired by Permanent Investments Ltd in April, 2010.
“During his time as Managing Director, the Bank has been reinvigorated, and has been successfully turned around with the latest profit of $2.6 million as at the September 2011 year end.
In addition, the bank is in an enviable position of a liquid balance sheet with the majority of assets in cash and near cash, and the substantial remainder in a diversified international bond portfolio.”
Mr Clipper holds an M.Phil. in Business Administration from Oxford University, which he attended as a Bermuda Rhodes Scholar, and an Honours Degree in Biology from the University of York.
He is a Fellow of the Institute of Chartered Secretaries.