Bermuda, regularly updated as a Gazetteer, focusing on this internally self-governing British Overseas Territory 900 miles north of the Caribbean, 600 miles east of North Carolina, USA. While Bermuda is certainly an offshore international business and insurance center, it is not an international banking center. International banks, which in other offshore locations and also in many onshore jurisdictions, are allowed to register as banks and can operate in those countries, are not allowed in Bermuda to register or operate investment banking explained pdf banks.
7 billion for HSBC Bermuda, overtaking its rival by a sizeable margin. Banks are listed by size, not in alphabetical order. Butterfield Bank The Bank of N. Like all local banks, charges a monthly checking account fee. Clarien Bank said yesterday that it also plans to raise rates for savers and borrowers, with details to be released next month. Of particular note is the expansion opportunity into Singapore. Asia is viewed as a growth market for the bank.
5 million on the previous three months. The results were released this morning, along with news that the bank is to acquire Global Trust Solutions from Deutsche Bank. 2 million on the previous quarter. Global Trust Solutions business, excluding its US operations, it announced this morning. Terms of the agreement have not been disclosed. A former top executive of the US Central Intelligence Agency has joined the board of Butterfield Bank. Meroe Park has been appointed as a non-executive director.
Butterfield Bank is confident it will return its operating expenses to its target level by the end of the year. And while it has twice raised its lending rates this year, in line with moves by the US Federal Reserve, it has no declared intention on what it will do if there is a further hike by the Fed. Regarding expenses, the bank has a 60 per cent efficiency ratio target for the end of 2017. Butterfield Bank is aiming to cut operating costs as it moves some middle-office functions and back-office departments to its service centre in Canada.
It is expected that this will allow the bank to reduce its expenses in Bermuda and Cayman. The Royal Gazette is supporting the effort by publishing weekly features on each of the 13 domestic companies listed on the BSX. In the fifth of the series, Jonathan Kent looks at Butterfield Bank. The Carlyle Group, is a step closer to exiting its position with the bank.