December 5, 2020

Butterfield Establishes Cayman Trust Company

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2108_logoHamilton, Bermuda and George Town, Grand Cayman: The Bank of N.T. Butterfield & Son Limited (“Butterfield”) today (11) announced that it has established a separately incorporated trust company in the Cayman Islands—Butterfield Trust (Cayman) Limited (“BTCL”)—through which it will continue to provide personal and corporate trust services.  BTCL is a wholly owned subsidiary of Butterfield Bank (Cayman) Limited (“BBCL”), which is itself a wholly-owned subsidiary of Bermuda-based Butterfield.  Trust and fiduciary services were previously provided in Cayman under the auspices of BBCL.

Butterfield has a long history of providing Cayman-domiciled trust and fiduciary services, having established operations in Cayman as Butterfield Trust in 1967.  That entity was among the first to have received a Class A Banking Licence in the jurisdiction, leading to its evolution, over 45 years, into a leading full service financial institution in Cayman.

The formation of a trust company that operates separately from the Bank is reflective of the increasing importance clients place on the independence of trustees, and is consistent with Butterfield’s operating model in other jurisdictions from which it provides trust and fiduciary services: The Bahamas, Bermuda, Guernsey, Switzerland and New Zealand.

Brian Balleine has been appointed the Managing Director of BTCL, heading up Butterfield’s Trust business in Cayman.  Other members of the BTCL Board are: Rosalie Jamieson, Head of Corporate and Institutional, Peter Walker, Head of Private Clients, Conor O’Dea, Managing Director, BBCL and Senior Executive Vice President – International Banking at Butterfield; and Bob Moore, Executive Vice President and Head of Group Trust at Butterfield.

Mr. Moore said, “The formation of Butterfield Trust (Cayman) Limited is just the most recent step in the evolution of Butterfield’s trust business internationally.  The multi-jurisdictional capability that we offer clients has been key to our success and will continue to be a driver of growth going forward. Cayman, as a jurisdiction, is an essential component of that model.”

Butterfield Trust  (Cayman) Limited is licenced and regulated by the Cayman Islands Monetary Authority.

Butterfield Trust  (Cayman) Limited is a wholly owned subsidiary of Butterfield Bank (Cayman) Limited, which is licenced and regulated by the Cayman Islands Monetary Authority.

The Bank of N.T. Butterfield & Son Limited (“Butterfield”) is Bermuda’s first and largest independent bank, and a specialist provider of international financial services. The Butterfield Group offers a full range of community banking services in Bermuda and the Cayman Islands, encompassing retail and corporate banking and treasury activities. Butterfield also provides private banking, asset management and personal trust services from its headquarters in Bermuda and subsidiary offices in the Cayman Islands, Guernsey and  the United Kingdom. In Switzerland and The Bahamas, Butterfield provides personal trust and company services.

Butterfield is a publicly traded corporation with shares listed on the Bermuda and Cayman Islands stock exchanges. Butterfield’s share price is published daily in The Royal Gazette (www.theroyalgazette.com) and is also available on Bloomberg Financial Markets (symbol: NTB BH) and the Bermuda Stock Exchange website (www.bsx.com).

Further details on the Butterfield Group can be obtained from our website at: www.butterfieldgroup.com.

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