Speaking earlier this month, following the Bank of Bermuda's unprecedented sale to a foreign multinational, the bank's CEO, Philip Butterfield predicted that the Island's banking sector is likely to expand further over the coming years.
According to a Royal Gazette report, the Bank of Bermuda's recent sale to HSBC was welcomed by the government as being in line with its plans to gradually open up the Bermudian banking sector.
At a recent meeting of the Financial Planning Association of Bermuda, Mr Butterfield suggested that the government was likely to take a measured approach to the opening-up of the sector, telling delegates that:
"Government clearly cannot have a free for all. If they are opening up the sector, it will be done after structured discussion. But I think it will happen."
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