CAPITAL G is pleased to announce a bank license has been granted to CAPITAL G's deposit company - Gibbons Deposit Company.
This is both a historical moment for Bermuda as well as a significant milestone in the development of CAPITAL G. Over 100 years has passed since a bank license has been granted to a wholly Bermudian owned operating company - the last being to the Bank of Bermuda and Bank of NT Butterfield, respectively. CAPITAL G is the first organization to receive this license under the new Bank and Deposit Companies Act taking into consideration all the new regulations established by the Bermuda Monetary Authority. Under these new rules and close scrutiny, CAPITAL G has proven successful in its application.
CAPITAL G's deposit company has been in existence for over 60 years. However, the most significant changes have taken place in the last five years during which CAPITAL G has grown into a larger and more diverse group of companies. Within the CAPITAL G group we have licenses to conduct investment business, trust business, BSX brokerage business, deposit taking, and now banking.
CAPITAL G is proud of this accomplishment and are particularly happy for their customers. By obtaining status as a bank, CAPITAL G is now able to access bank networks, to provide a more enriched product/service offering to its customer base, to strengthen our entry into the e-commerce arena, and to build strategic alliances with other groups. All in all, this is a step forward in CAPITAL G's overall development, which will be used to benefit our customers and staff.
CAPITAL G has grown substantially in the last five years. During this time we have increased our
work force by 80%. By creating an entrepreneurial spirit, we have been successful in attracting highly skilled and experienced personnel with less than 7% of these positions filled using work permits. In this same period, CAPITAL G's Deposit Company's assets have grown 169%. Much of this growth is attributed to CAPITAL G's focus on taking time to listen to what customers want and trying to provide value in the advice we give and the price we charge for those services.
Over the next few days, CAPITAL G will inform existing customers of this change. In subsequent months, the Company will be switching over materials and stationery to reflect this new name - CAPITAL G Bank.
In closing, CAPITAL G stated it would like to thank those members of the team who have worked extremely hard on this application, the officials at the Bermuda Monetary Authority who have carefully reviewed our application and operation, the Ministry of Finance for their support , and to our customers who have believed in us and have supported the notion that competition is healthy.
If you have any questions about this Press Release, please contact Andrew Vaucrosson at CAPITAL G, 294.5019.