Bermuda Commercial Bank Limited (“BCB” or the “Bank”) began by an Act of Parliament in February 1969. The Bank operated under the management of Barclays from its inception until May 1993. A decision was made by Barclays to sell its minority shareholdings world-wide in the early 1990’s and this set the stage for the Bank to acquire a new shareholder who would bring a new focus and direction.
In April 2010, the majority shareholding in the Bank was purchased by an investor group through Permanent Investments Limited (“Permanent”). In October 2011, BCB expanded its trust and corporate administration services business through the acquisition of two established Bermuda companies. This was consistent with the Bank’s strategic objectives and overall business goals of creating a full-service financial services institution in Bermuda.
In October 2012, as part of a strategic restructuring, BCB merged with BNL I Limited, a wholly owned subsidiary of Somers Limited (“Somers”, formally known as “Bermuda National Limited” or “BNL”), resulting in BCB becoming a wholly-owned subsidiary of Somers. BCB delisted from the Bermuda Stock Exchange.
In November 2015, BCB implemented a state-of-the-art core banking system, along with a suite of products, including internet banking, This allowed the Bank to grow its channel offerings and business lines, as well as providing better reporting and analysis. It also improved the Bank’s exceptional customer service. In June 2016, the BCB Group of Companies moved into a new location at 34 Bermudiana Road.
In 2019, BCB will celebrate its 50-year anniversary of providing banking services to Bermuda and internationally.
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