Hashtag: #BermudaBanks

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

Bank Of Butterfield Reports 2017 Q4 Results

Bank Of Butterfield Reports 2017 Q4 Results

The Bank of Butterfield announced financial results for the fourth quarter and year ended December 31, 2017. Net income for the year ended December 31, 2017 was $153.3 million, or $2.76 per diluted common share, compared to $115.9 million or $1.18 per common share for the year ended December 31, 2016. Core net income1 for the year ended December 31,... Read more of this article

Butterfield To Acquire Deutsche Bank’s Business

Butterfield To Acquire Deutsche Bank’s Business

The Bank of Butterfield today announced that it has entered into an agreement to acquire Deutsche Bank’s banking and custody business in the Cayman Islands, Jersey and Guernsey. The filing stated, “The Bank of N.T. Butterfield & Son Limited today announced that it has entered into an agreement to acquire Deutsche Bank’s banking and custody... Read more of this article

Delayed Posting Of HSBC Card Transactions

Delayed Posting Of HSBC Card Transactions

HSBC Bermuda debit card transactions from December 29 to January 1 were “not posted to customer accounts due to technical issues,” and the posting was completed on February 6th the bank confirmed, adding that they “are waiving the overlimit fees attributed to this issue.” In response to queries from Bernews, an HSBC Bermuda... Read more of this article

Holiday GiveBack Campaign Raises $17,000

Holiday GiveBack Campaign Raises $17,000

Clarien Bank‘s annual Holiday GiveBack Campaign raised more than $17,000 for Meals on Wheels, marking the largest amount ever raised during their GiveBack campaign. Michael DeCouto, Chief Marketing Officer of Clarien Bank, today presented a cheque for $17,033 to Jason Powell, a member of the Board of Directors of Meals on Wheels. Since 2010,... Read more of this article

Clarien Bank Increase Deposit & Savings Rates

Clarien Bank Increase Deposit & Savings Rates

Effective January 15, 2018, Clarien Bank Limited will be increasing its term deposit rates and adjusting its BMD$ base lending rate following the US Federal Reserve rate increase announced on December 13, 2017. Promotional Deposit Products “Clarien is introducing a series of attractive promotional deposit products to provide its client base and... Read more of this article

Bank Foundation Redefines Scholarships Criteria

Bank Foundation Redefines Scholarships Criteria

The Bank of Bermuda Foundation has redefined its eligibility criteria for its annual scholarships by placing a priority on financial need in addition to academic merit. A spokesperson said, “Following two years of strategic planning from 2014 to 2016, Bank of Bermuda Foundation identified the need to evolve from being a charitable to a philanthropic... Read more of this article