KPMG Release Report: Bermuda Banking Sector

July 13, 2015

2015 Bermuda Banking Survey 1KPMG in Bermuda have today [July 13] released the results of the firm’s 2015 Bermuda Banking Survey as a part of Insights – KPMG’s annual Banking in Bermuda Magazine.

Now in its fifth year of publication, Insights includes detailed analysis of the results of the 2015 Bermuda Banking survey, as well as stakeholder interviews and roundtable discussions held between KPMG Banking experts and key players in Bermuda’s banking industry – including the Chief Executive Officers of each of Bermuda’s four banks; the Bermuda Monetary Authority; and Bermuda’s Minister of Finance.

Craig Bridgewater [pictured] Head of Investments & Banking at KPMG in Bermuda, commented: “Quite a bit has changed since producing the 2014 publication; not the least of which is the BMA’s introduction of its Basel III regime. It has provided clarity on the new requirements, and the timeline for implementation and compliance.”

Using the results of KPMG’s annual banking survey to provide key insights into the performance of Bermuda’s banks over the previous financial year, the yearly report aims to facilitate discussion on the future of the Banking industry in Bermuda.

The 2015 survey has shown that although Bermuda’s banking sector total assets decreased by 8% in 2014, and all four of Bermuda’s banks remained profitable for the fourth consecutive year. Bermuda’s banks continue to be focused on ensuring that their business models evolve to in the face of changing needs of its customers, its regulators, and its shareholders and other stakeholders.

2015 Bermuda Banking Survey 2

“To remain viable, banks need to make sensible returns for investors while at the same time, continuing to deliver value to customers,” said Mr. Bridgewater. “The survey results indicate that while achieving this is proving an ongoing challenge, increased operating efficiencies helped all four of Bermuda’s banks to remain profitable in 2014.”

Topics of the 2015 edition of Insights include: The future of Banking in Bermuda; Dealing with change in the evolving banking model; Cyber-security and managing data risk; Basel III and the impact of an enhanced regulatory framework on Bermuda’s Banking sector; Understanding the OECD’s Common Reporting Standard; The expanded role of Boards of Directors in the financial services industry; and, the current landscape of Bermuda’s banking industry.

To access the full 2015 publication, please click here.

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