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Bank Foundation Changes Scholarship Approach

Bank Foundation Changes Scholarship Approach

The Bank of Bermuda Foundation has changed its process for awarding scholarships to Bermuda’s students, with a focus on its newly developed ‘Theory of Change.’ “The philanthropic organisation recently underwent an intensive strategic planning process, out of which a new and innovative direction for grant giving and scholarship awards... Read more of this article

Butterfield Bank Issuing Chip & PIN Debit Cards

Butterfield Bank Issuing Chip & PIN Debit Cards

The Bank of Butterfield has “commenced the mass reissue of its Debit Mastercard Cards with both ‘Chip and PIN’ technology and the contactless ‘RFID’ payment technology,” the company said today. “This means the security of the Card has been enhanced and you now have the option of a quicker checkout process.... Read more of this article

House Passes Bill: New Bank Class For Fintech

House Passes Bill: New Bank Class For Fintech

The House of Assembly passed a Bill to create a new class of bank to serve Bermuda-based Fintech companies. After the Bill passed last night, Premier David Burt tweeted, “House of Assembly passes bill to create new class of bank to serve Bermuda based Fintech companies. Now moves to Senate for ratification.”In tabling the Bill last month,... Read more of this article

13 Local Jobs Cut In Butterfield ‘Restructuring’

13 Local Jobs Cut In Butterfield ‘Restructuring’

Butterfield has confirmed a “restructuring” has resulted in 23 jobs being lost, with thirteen of those in Bermuda. The other six jobs are in the Cayman Islands, while four are in Guernsey. “Customer services will not be impacted by the changes,” Butterfield said, with the company also noting that in calendar 2018, Butterfield... Read more of this article

Video: Butterfield Rings NYSE Closing Bell

Video: Butterfield Rings NYSE Closing Bell

Michael Collins, Butterfield’s Chairman and Chief Executive Officer rang the New York Stock Exchange [NYSE] Closing Bell on July 23rd to commemorate the company’s 160th anniversary, with members of the Bank’s Board of Directors joining Mr Collins at the Bell Podium.According to their website, “Butterfield is Bermuda’s first bank,... Read more of this article

Butterfield Bank Reports Second Quarter Results

Butterfield Bank Reports Second Quarter Results

The Bank of N.T. Butterfield & Son Limited today announced financial results for the quarter ended June 30, 2018. Second quarter core net income was $51.7 million, or $0.93 per diluted common share, compared to $45.0 million, or $0.81 per diluted common share in the previous quarter and $37.5 million, or $0.67 per diluted common share, for the... Read more of this article

OBA: New Bank Class Plans Raise “Red Flags”

OBA: New Bank Class Plans Raise “Red Flags”

[Updated] “The Premier’s decision to create a new class of bank in Bermuda raise a series of red flags that should make Mr and Mrs Bermuda extremely concerned,” Opposition Leader Jeanne Atherden said today [July 2], adding that “if not done extremely carefully and transparently it could pose significant reputational damage to Bermuda.” Bill... Read more of this article

Premier: New Class Of Bank For FinTech

Premier: New Class Of Bank For FinTech

“The Banks and Deposit Companies Act 1999 will be amended to allow for a new class of bank that will provide banking services to Bermuda based FinTech companies,” Premier and Minister of Finance David Burt said. Speaking in the House of Assembly today [June 29], the Premier said, “The‘ICO Bill’ and the Digital Asset Business Act,... Read more of this article

Clarien Bank Net Profit Increases To $3.9M

Clarien Bank Net Profit Increases To $3.9M

Clarien Bank Limited announced a net profit for the year ended December 31, 2017 of $3.9m – a 220% increase over the previous 12 months. The bank said, “During 2017, Clarien continued to make significant investments in expanding its product portfolio, enhancing operational efficiencies and maintaining disciplined expense management while pursuing... Read more of this article

Clarien Bank Increase Base Lending Rates

Clarien Bank Increase Base Lending Rates

Effective June 14, 2018, Clarien will be adjusting its BMD$ base lending rate by 25 basis points [0.25%] following the US Federal Reserve rate increase. “The Bermuda Dollar Base rate for personal mortgages will increase from 4.25% to 4.50% and 4.50% to 4.75% for commercial mortgages,” a statement from the Bank said. “Increases in rates... Read more of this article

Butterfield Bank: Pricing Of Registered Offering

Butterfield Bank: Pricing Of Registered Offering

The Bank of Butterfield announced the pricing of a registered offering of $75 million aggregate principal amount of Butterfield’s 5.25% Fixed to Floating Rate Subordinated Notes due 2028. “Butterfield intends to use the net proceeds from this offering to repay a portion of its outstanding indebtedness and for other general corporate purposes,”... Read more of this article

Butterfield Bank Reports First Quarter Results

Butterfield Bank Reports First Quarter Results

The Bank of N.T. Butterfield & Son Limited announced financial results for the quarter ended March 31, 2018. First quarter core net income was $45.0 million, or $0.81 per diluted common share, compared to $42.2 million, or $0.76 per diluted common share for the fourth quarter of 2017 and $38.5 million, or $0.70 per diluted common share, for the... Read more of this article

Clarien Holds Base Lending, Increases Deposit

Clarien Holds Base Lending, Increases Deposit

Clarien Bank Limited will not adjust its BMD$ base lending rate following the US Federal Reserve rate increase of 0.25% announced today, however, the Bank announced that it will increase its BMD and USD Board Rates for term deposits, effective today, March 21. Clarien Bank CEO Ian Truran said: “We increased our base lending rate by 0.25% in January... Read more of this article