Stroock Guides Permanent Capital in Bermuda Commercial Bank Acquisition
A Stroock team led by Huhnsik Chung and Thomas Ko represented Permanent Capital, a “socially oriented investor in financial-services companies,” in the purchase of Bermuda Commercial Bank (BCB).
Permanent Capital intends to grow BCB into a full-service commercial bank. BCB, which was owned by Somers Ltd. since 2010, employs a 70-person staff and is based in Hamilton, Bermuda.
The acquisition is still subject to various regulatory approvals, including those from the Bermuda Monetary Authority. Somers said the transaction should close within the first half of 2019.