From Zurich to Nassau & Abu Dhabi: Former EFG Bankers' Expansion

With Swiss roots and a legacy from EFG International, Capital Union Bank is entering a new leadership phase. The Bahamas-based bank is handing the reins to a top local lawyer after a record-breaking year.

Capital Union Bank (CUB) is ushering in a new era. The Nassau-based private banking arm of the Union Capital Group (UCAP)—founded by former EFG International bankers—has appointed Michael Paton as its new CEO. The prominent Bahamian attorney and longtime board member will take over on May 1, 2025, from Patrick Zbinden, who moves up to lead UCAP Group and UCAP Bahamas.

Zbinden, the former Global Co-Head of EFG Asset Management in Geneva, was instrumental in driving the bank’s international expansion, transforming CUB into one of the fastest-growing private banks in the offshore world. While the bank does not publish asset figures, industry sources estimate client assets in excess of $40 billion.

Swiss Playbook, Bahamian Execution

Founded in 2013 by Clément Ducasse and Ludovic Chechin-Laurans—both with extensive EFG pedigrees—Capital Union Bank has grown quietly but forcefully. With $147.5 million in net profit for 2024, up from $125.5 million in 2023, the bank has become a cornerstone of the Geneva-born UCAP financial empire, which now spans The Bahamas, Taiwan, Hong Kong, Singapore, Geneva, Zurich, Luxembourg, Dubai, Abu Dhabi, the U.S., the U.K., and Bermuda.

Zbinden, who joined in 2021, helped engineer much of this growth and now takes the helm at the group level. He will oversee UCAP’s global operations, including its growing presence in Asia and the Middle East, while remaining on CUB’s Board of Directors. Paton, meanwhile—renowned for having built Lennox Paton into the top law firm in The Bahamas—steps into the CEO role with strong regulatory credentials.

Cost-Income Ratio Below 25 Percent

CUB’s growth trajectory mirrors the historic strengths of the finest Swiss private banks: lean, agile, and focused on personalized, sophisticated client service. With a cost-income ratio around 24 percent, the bank operates at levels many Swiss peers would envy. Its Tier 1 capital adequacy ratio stands at 23.3 percent.

The bank also expanded into the Gulf in December 2024 with a fully licensed subsidiary in Abu Dhabi. In the annual report, Zbinden called the move an «important milestone» that gives Capital Union a regulated presence in a key emerging wealth market.

Compliance Firepower at the Helm

Incoming CEO Michael Paton brings legal and regulatory firepower to the top job. A former Chairman of the Bahamas Financial Services Board and, until recently, Deputy Chairman of the Securities Commission, Paton is also a UK-trained barrister and non-practicing CPA. His experience advising governments, global banks, and investment funds gives him a 360-degree view of both regulation and business.

«Michael brings unmatched regulatory and legal expertise, along with a dynamic entrepreneurial spirit, making him exceptionally well-suited to build on the accomplishments of his predecessors,» said CUB Chairman Lawrence «Lonnie» Howell, himself a co-founder of EFG International in the 1990s and co-founder of UCAP. 

Boutique Mindset

Capital Union Bank operates a 24/5 trading desk, has embraced blockchain-based custody and tokenization solutions, and maintains a boutique mindset while serving ultra-wealthy clients across continents.

For a private bank headquartered in Nassau, this blend of Swiss pedigree and offshore innovation has proven to be a powerful formula. It remains to be seen whether the reshuffle at the top sets the stage for an even more assertive global strategy.