Banque Cramer, an asset manager based in Geneva, has recently embarked on a bold expansionary path. In one prominent market, the company is now taking a step back.
Banque Cramer & Cie (BCC) has sold a majority stake in Private Investment Bank Limited (PIB) based in Nassau, Bahamas, to strategic investors. Norinvest, the investment company, which owns the Geneva-based private bank, announced the sale last night.
The buyers of the stake are IXE Holding, IPG Securities Asset Management and TR4 Holding, according to the statement. The companies have founded a company called IXE Capital Bahamas for the purpose of the transaction. Norinvest didn't say how much it received for the stake.
Remaining Offshore
Cramer's departure from parts of the Caribbean, which still is big for offshore banking, follows the opening of new markets. The bank in May received a banking license in Italy. It has also initiated the procedure for the opening of a branch in Moscow by the end of the year or beginning of 2017.
