"The move into the private banking sector has been largely driven by demand from clients who are increasingly seeking asset and capital protection and growth, combined with confidentiality"
deVere Group Bank St Lucia is understood to be the first private bank to be owned by an independently-owned financial adviser firm.
Arton Bank was established and licensed in 2014 under the offshore banking act 1996 and provides private banking solutions exclusively to high net worth individuals.
deVere says the acquisition will allow it to directly provide private international banking services to its clients as well as corporate banking solutions to small businesses.
Founder and CEO of deVere Group, Nigel Green, says the convenience offered will be a key advantage for its clients who are, typically, expats and international investors.
Green said: “The move into the private banking sector has been largely driven by demand from clients who are increasingly seeking asset and capital protection and growth, combined with confidentiality.
“With accounts offering centralised, secure, flexible and international access to funds, they are, naturally, a good option for those who live more internationally-mobile and transient lives.
“deVere Group Bank St Lucia enables us to move beyond traditional banking activities and meet the requirements of clients in an ever more globalised, yet insecure, world.
“The launch of deVere Group Bank St Lucia marks a major milestone for deVere. This latest project underscores deVere’s commitment to continually evolve and develop in what are undoubtedly challenging times. It also further demonstrates our status as a leader in the global financial community.”
