DeVere Group launches private bank
Financial adviser firm DeVere Group has unveiled its own private bank, DeVere Group Bank St Lucia.
The company says the launch “has been facilitated” by the acquisition of St Lucia-based Arton Bank for an undisclosed sum. Arton Bank was set up and licensed in 2014 under the Offshore Banking Act 1996.
Founder and CEO of DeVere Group, Nigel Green, says the move into the private banking sector “has been largely driven by demand from clients who are increasingly seeking asset and capital protection and growth, combined with confidentiality”.
Green says its clients are typically expats and international investors.
DeVere Group was established in 2002 and has its headquarters in Dubai. It says it has over 80,000 clients in more than 100 different countries, and over $10 billion under advice and administration.
Banking Technology has contacted Devere Group for more details about the services it offers and the underlying technology.