Bank Of Butterfield Is Bank Of The Year Again

by Jason Gorringe, Tax-News.com, London

03 September 2004

For the third consecutive year, Butterfield Bank has been named Bank of the Year by The Banker magazine. Indeed, the Bank has earned two Bank of the Year awards for 2004, one in Bermuda and one in the Cayman Islands.

President & CEO of Butterfield Bank, Alan Thompson, commented: "We pride ourselves on our community banking activities in Bermuda and the Cayman Islands, so we are particularly gratified to receive the award in both jurisdictions. This significant accomplishment can be attributed to the teamwork and commitment of Butterfield Bank employees, as well as the continued strength of our business strategy."

Conor O'Dea, Managing Director of the Bank's Cayman operations, agreed: "Reflecting the ongoing efforts of our dedicated and capable employees, we are honoured to receive this recognition of the Bank's financial and strategic accomplishments."

In selecting the winners, The Banker's global editorial team considered not only financial performance, but also strategic initiatives, innovative use of technology and commitment to human resources initiatives. The entries are judged on performance over the past year, as well as the strength of the banks' position for the future.

In both Bermuda and the Cayman Islands, Butterfield Bank received recognition for its continued strong financial performance; focus on innovation and customer satisfaction across an array of financial services and delivery channels; and investment in employees' training and development. The Banker editorial team also took into account strategic initiatives such as the significant acquisitions made by Butterfield Bank over the past year (five in total), as well as the Cayman Islands
operation's successful participation as adviser in the Cayman Islands Government's first bond offering.

The Bank of the Year awards are granted in over 100 countries each year. Banks invited to apply for the award must meet specific performance standards to be eligible. Since the inception of the award in Bermuda and the Cayman Islands in 2002, Butterfield Bank has received the award three times in Bermuda - in 2002, 2003 and 2004; and twice in the Cayman Islands - in 2002 and 2004. The awards will be presented at a gala banquet in London on Tuesday, September 7.

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