Bank Of Butterfield Acquires Barbadian Retail Bank
by Amanda Banks, Tax-News.com, London
08 December 2003

The Bank of Butterfield last Friday announced its acquisition of Barbados retail bank The Mutual Bank of the Caribbean. This represents the third acquisition in four months for the Bermuda-based institution.

Commenting on the move, Graham Brooks, Executive Vice President, International & Trust at the Bank of Butterfield explained that: "This transaction is a significant milestone in the strategic development of Bank of Butterfield. It is consistent with our strategy to expand into markets where we can successfully deliver our core products and services."

The Mutual Bank was established a little over ten years ago and has built up an operation covering three branches, and employing 115 people. As of the end of 2002, its assets were valued at $253 million Barbadian dollars (US$ 125 million).

Mr. Brooks continued, "We have acquired an additional community banking operation to complement those we have operated successfully in Bermuda and the Cayman Islands for many years, having earned ‘Bank of the Year’ awards in both jurisdictions in 2002 and in Bermuda in 2003.” Brooks also noted Barbados’s “solid infrastructure” and business-friendly environment.

Meanwhile, Bank of Butterfield President & CEO, Alan Thompson observed how the purchase of the Mutual has achieved a “strategic goal” for the bank which will facilitate “deeper market penetration of the Caribbean region.”

“The Mutual Bank is a well run organisation that has built a strong foundation of customer service and community commitment”, he added.

Bank of Butterfield also has offices in the Cayman Islands, The Bahamas, Barbados, Guernsey and the United Kingdom. The new operation will be known as Bank of Butterfield (Barbados) Ltd. In addition Butterfield Asset Management Limited (a wholly owned subsidiary of of the bank) has already opened a Barbados representative office which concentrates on investment for both corporate and private clients.

.