Permanent Capital’s Acquisition of Bermuda Commercial Bank


Stroock advised Permanent Capital in Bermuda Commercial Bank Acquisition

Permanent Capital, a “socially oriented investor in financial-services companies,” executed the acquisition of Bermuda Commercial Bank (BCB).

Permanent Capital intends to grow BCB into a full-service commercial bank. BCB, which was owned by Somers Ltd. since 2010, employs a 70-person staff and is based in Hamilton, Bermuda.

The acquisition is still subject to various regulatory approvals, including those from the Bermuda Monetary Authority. Somers said the transaction should close within the first half of 2019.

Stroock advised Permanent Capital with a team including Huhnsik Chung (Picture) and Thomas Ko.

Involved fees earner: Huhnsik Chung – Stroock; Thomas Ko – Stroock;

Law Firms: Stroock;

Clients: Permanent Capital;

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Author: Ambrogio Visconti