The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

A Bahamas-based financial services provider yesterday said it plans to hire extra staff within the next few months as its restructuring nears an end.

Marco Netzer, Private Investment Bank’s vice chairman, dismissed financial services industry talk that it was set to lay-off multiple workers and close its Nassau office. “No. There is no closing of the bank,” he told Tribune Business.

“The bank has simplified some structures to concentrate on other banking activities and asset management. This was a long-term plan back in 2010 to restructure the bank. We are not making a lot of money, but we are doing well.

“We are coming to the end of our restructuring exercise, and we are looking to hire persons within the coming months to rebalance our asset management team and get back to our core business,” Mr Netzer added.

“But, because of the planed simplification of the operational structure, and the refocus on the private banking and asset management activities, the bank had to terminate several employment agreements. On the other hand we are looking to reinforce our commercial front and will try to hire next some relationship managers.”

Mr Netzer’s comments came one day after fellow institution, Julius Baer, announced it pans to close its Nassau booking centre with the loss of 30 jobs. He added: “I follow the news in The Bahamas and I understand that rumours can start a panic, but there is simply no truth to Private Investment Bank closing down. We are not planning on laying off any staff members either.”

IPG Securities Asset Management (Nassau), a fully-owned subsidiary of IPG Securities Asset Management (Geneva), bought a 85 percent majority ownership interest in Private Investment Bank in 2018 from Norinvest Holding’s fully-owned subsidiary, Banque Cramer & Cie SA.

Carlos Molina is the chairman of Private Investment Bank and principal owner of IPG Securities Asset Management in Switzerland.