Those looking for a place to stash their cash have a new option, with financial consultants DeVere Group today launching a private bank.
DeVere Group Bank St Lucia, which the group understands to be the first private bank to be independently owned by a financial advisory firm, was created out of the firms acquisition of Arton Bank.
DeVere snatched up the St Lucia arm of Arton Bank for an undisclosed sum last month.
"DeVere Group Bank St Lucia will allow us to further broaden our offering as a company," said Nigel Green, founder and chief executive of DeVere Group. "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.
"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.
"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."