Financial advice firm DeVere Group has launched its own private bank.
The move followed the company’s purchase of Arton Bank for an undisclosed sum.
DeVere Group Bank St Lucia is believed to be the first private bank to be owned by an independently-owned financial advicer firm.
Nigel Green, the founder and chief executive of DeVere Group, said: “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.
“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.”
Mr Green said the bank’s accounts would offer “centralised, secure, flexible and international” access to funds for those living “internationally-mobile and transient lives”.
Arton Bank was founded in 2014 and chartered in Dominica in the West Indies.
It has 12 offices around the world, including in Hong Kong, Dubai, Toronto and Paris.