A Bermuda exempted company has bought a majority stake in Bermuda Commercial Bank from First Curacao International Bank NV, ending a long saga over the ownership of the bank.

Permanent Investments Ltd. bought FCIB’s 54 percent holding in Bermuda Commercial Bank and all outstanding options held by FCIB. FCIB is owned by international businessman John Deuss, the former chairman of BCB.

Permanent is now tendering for all the remaining outstanding issues shares of BCB at a price of $9.88 a share, a 27 percent premium over its last current traded price. The tender offer will be mailed to all shareholders of BCB by April 30.

Permanent Investments nominees Michael Collier, a former chief executive officer of the Bank of Butterfield, Warren McLeland and Eric Stobart have now joined the BCB board while Anthony Clintje, Geomaly Martes and Michael Cranfield have resigned. Mr. Cranfield remains as chief information officer of BCB. Mr. McLeland is a former managing director of Chase Manhattan Bank and Mr. Stobart is a former managing director & finance director of Hill Samuel Bank.

For the full story, see tomorrow’s Royal Gazette