Bank of Butterfield Seeking Cash Infusion
The Bank of N.T. Butterfield & Son Limited announced this morning it is in discussions in an attempt to raise significant capital.
They are in talks with “prominent institutional investors” in an effort to raise the funds.
We have also been informed that the Bermuda Government is contemplating a direct investment in the Bank of Butterfield.
The sales of shares of the Bank of Butterfield have been halted on the Bermuda Stock Exchange.
The Bank originated from a trading firm owned by Nathaniel Butterfield, which was founded in 1758.
The founder’s son, Nathaniel T. Butterfield, expanded the business to include financial services. In the 1800′s, the company was established as the first bank in Bermuda.
In addition to Bermuda, the Bank of Butterfield has subsidiary offices in the Bahamas, Cayman Islands, Guernsey, Hong Kong, Malta, Switzerland and the United Kingdom.
The Bahamian press reported today on speculation that a deal is being worked on for Scotiatrust to buy out the Bahamas operation of Bank of Butterfield.
