Bermuda-based Clarien Group has established a new banking arm to cater to high net worth clients in Asia.

Clarien Group, the Bermuda-headquartered financial services group that specialises in the affairs of ultra-high net worth individuals and families, has rebranded its banking arm to cater to more high net worth clients in Asia. 

Clarien Bank Limited's former name is Capital G Bank, which has been serving Bermuda-based clients for the past four decades, said the firm in a statement. The new entity will draw on and use this heritage to offer an expanded range of products and solutions in corporate and investment banking, wealth and asset management to clients worldwide. 

The bank said that it aims to capitalise on the $20 billion growth forecast to private bank profit pools over the next four years, which is expected to be led by Asia (ex-Japan). Clarien's move is inspired by McKinsey's 2013 private banking survey indicating that Asia ex-Japan will create some $7 trillion in net new millionaire wealth in the next four years. This is just 15 per cent below the combined wealth creation of North America, Western Europe and Japan. 

The bank will be led by an experience management team and will have Zoran Flotak and Ian Truran, co-chief executives who are both founders of Clarien Group, at the helm. Fotak has held senior positions within Credit Suisse Securities, Merill Lynch, the Royal Bank of Canada and St George Asset Management. Truran is a Bermudian national with extensive experience in the local and international banking industry and formerly worked at Butterfield Bank.