deVere Group, the world’s largest independent financial adviser for expats, is opening a private bank.
St Lucia arm of Arton Bank, based in the Caribbean, will become deVere Group Bank St Lucia.
The move is regarded as the first time an independent financial advisory firm has acquired a private bank.
The acquisition is for an undisclosed sum.
deVere founder and CEO Nigel Green said: “Thanks to the hard work, commitment and expertise of our teams across the globe, we have been able to dominate the international advisory sector over the last 14 years”.
Ambitious plans for expat IFA
“While we will continue to implement ambitious expansion plans for our financial advisory business and lead from the front in this arena, it is extremely exciting to also be entering the banking sector”.
“deVere Group Bank St Lucia will allow us to further broaden our offering as a company. We are now able to directly provide private international banking services for our clients and corporate banking solutions to small businesses”.
“The bank is set to become an integral part of our business and it will share deVere’s client-first culture.”
Green also explained that opening a private bank followed demands from clients concerned about safeguarding their wealth and banking confidentiality.
“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,” he said.
Major milestone for trailblazing firm
“The convenience offered by our private bank will be a key advantage for our clients who are, typically, expats and international investors.
“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”.
Arton Bank has a dozen offices around the world, including London, Paris, Dubai and Hong Kong.
deVere Group has more than 80,000 clients in 100 countries and manages $10 billion of investments for them.
“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,” said Green.
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