Banque Cramer has finally sold its business on the Bahamas – a year later than intended. It has put an end to a turbulent chapter of its history.
Banque Cramer sold a majority stake of Private Investment Bank on the Bahamas to the locally based IPG Securities Asset Management, according to a statement released by Norinvest, an investment firm owned by Cramer, on Tuesday.
Cramer had been in talks with the new owners for quite some time, the company said. The buyer is a subsidiary of Geneva-based IPG Securities and controlled by its founders, Carlos J. Molina and Jorge A. Carreras.
A Long Story
A long story comes to an end: Cramer wanted to get rid of its Bahamas branch in the summer of 2016 and planned to sell it to a group that included IXE Holding, IPG Securities and TR4 Holding. But in February 2017 the deal collapsed because IXE didn’t pay and because the local authorities blocked the transaction.
The divestment since had been on hold. Cramer and IXE, led by Jesus Alejandro Garcia Alvarez (pictured below) threatened to sue each other.
Now, the sale of the unit is a done deal. Cramer and its chairman, Marco J. Netzer, managed to seal an agreement with at least part of the originally interested party.
