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The majority buyout of a Bahamas-based bank by its existing local management team is only awaiting approval from the relevant regulators before it closes, it was revealed yesterday.
The Swiss-headquartered SYZ Group confirmed in a statement that Bahamas-based executives, Daniel-Marc Brunner and Werner Gruner, will become the majority shareholders in its local subsidiary, SYZ Bank (Bahamas).
Following the deal’s completion it will be renamed Nexor Asset Management, with SYZ Group continuing to hold a minority equity ownership interest and providing custodial services for client assets.
“The focus of Nexor will remain on generating value in portfolio management and investment advisory services for their clients by offering them the high-quality service and personal touch of a local team with the financial strength and global offering of the group,” SYZ said.
“As such, Nexor will maintain a close business relationship with the SYZ Group, and clients will continue to benefit from the group’s robust banking platform in Switzerland for the safekeeping of their assets.
“The restructuring of SYZ Bank (Bahamas) is in line with the SYZ Group’s strategy to centralise its custody in Switzerland and focus on its core area of expertise, which is asset management.... The buyout, which remains subject to approval by the relevant regulatory authorities, is due to be completed in the coming months.”
SYZ Group said it would continue to focus on its three main business lines of private banking, institutional asset management and private markets.