The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

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.

Meanwhile, another Bahamas-based financial institution said it was seeking to bolster its private banking unit with additional relationship manager hires following a restructuring and “right-sizing exercise” that had resulted in an unspecified number of terminations.

Private Investment Bank, in a signed statement, said it “continues to review its business model and cost structures with a view to identifying opportunities to streamline business operations to improve quality and efficiency”.

The statement, signed by Christine Archer, its interim chief executive, and Marco Netzer, vice-chairman, added: “Following a review of our business and operating model we engaged in a right-sizing exercise which impacted a number of employees....

“This decision is in no way a reflection of the work ethic or capabilities of impacted employees, and was simply the result of improvements to operational structures to enhance the efficiencies of our operations. These are difficult actions that will strengthen and better position the bank for success.

“The bank understands that this decision will have an adverse impact on the employees affected by this exercise, and has offered enhanced severance benefits to make this transition as smooth as possible and to assist impacted employees with future endeavours.”

It is unclear if Private Investment Bank is the un-named institution referred to by Chester Cooper, the Opposition’s deputy leader, in the House of Assembly on Wednesday when he said 27 staff terminations were expected from this entity.