HSBC Bank Bermuda

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Bank of Bermuda invests in entrepreneurs

The Bank of Bermuda has set up a new $10 million subsidiary company aimed at helping to groom the next generation of Bermudian millionaires.Rather than give out loans to budding businessmen, Compass Ventures Ltd. has been formed to provide equity capital to businesses which carry risk but have the potential to reap rich rewards, both for entrepreneurs and the bank.

BFCL tries to pre-lease 70 per cent of office space

The Bermuda Financial Centre Ltd development in Hamilton will go ahead as planned if the company can pre-lease 70 per cent of the project's office space, BFCL's president Mike Winfield us yesterday. Raising enough debt and equity to build the $82.5 million office space/luxury residences phase of the project no longer appears to be a problem, providing the lease commitments for the office space can be put into place.

Fourways Inn owner Walter Sommer died penniless

Businessman Walter Sommer, who led a classic rags to riches life, died penniless, we have been told.Mr Sommer's business affairs have collapsed following his death of a suspected heart attack on February 1. He was 59.His luxury hotel in England has been put into receivership and his 40 per cent stake in Fourways Inn Ltd, which owns guest cottages in Bermuda and one of the island's most expensive restaurants, is now controlled by the Bank of Bermuda.

Bank of Bermuda resigns as BFCL’s financial advisor

Bermuda International Investment Management Ltd - a subsidiary of the Bank of Bermuda - has resigned as financial advisor to the Bermuda Financial Centre Ltd after failing to raise $82.5 million to get the hotel, office and luxury residences project off the ground.

BFCL experiences financing delays

The financial restructuring of the $138 million Bermuda Financial Centre Ltd project has been delayed while efforts are made to raise debt financing abroad, we can reveal. While the Bank of Bermuda has succeeded in raising $24 million in equity commitments locally for the $58.7 million office block part of the project, it has been unable to secure the necessary loans for the scheme from within the island.