Hashtag: #BermudaBanks
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’
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
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
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”
[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
“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 Limited announced a net profit for the year ended December 31, 2017 of $3.9m – a 220% increase over the previous 12 months. The bank said, “During 2017, Clarien continued to make significant investments in expanding its product portfolio, enhancing operational efficiencies and maintaining disciplined expense management while pursuing... Read more of this article
Clarien Bank Increase Base Lending Rates
Effective June 14, 2018, Clarien will be adjusting its BMD$ 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