According to a statement on Monday, the firm said its new banking operations, called deVere Group Bank St Lucia, has been “facilitated by the acquisition” of the locally-based Arton Bank.
“Whilst 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,” said deVere’s founder and chief executive, Nigel Green.
“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.”
Green, who described the acquisition as a “major milestone” for deVere, added that the move into private banking has largely been driven by demand from clients who are “increasingly seeking asset and capital protection and growth, combined with confidentiality.”
The private bank will be aimed at expats and international investors as it will suit those “who live more internationally-mobile and transient lives”, said the firm.
Last month, managing director of deVere UK Mike Coady, resigned from his post in a shock exit which saw him join rival firm Guardian Wealth Management (GWM) as its chief commercial officer with “immediate effect”.