Hamilton, Bermuda: 17 June 2002 - Bank of Butterfield has today advised the Bermuda Stock Exchange (BSX) that further to the announcement on 6 June 2002 by The Bank of N.T. Butterfield & Son Limited of the sale for cash of a controlling interest in its Hong Kong subsidiaries to Dexia Banque Internationale a Luxembourg (Dexia BIL), Bank of Butterfield is now able to announce that the price was US$17.5 million for the sale of an 80% interest in Butterfield Trust (Hong Kong) Limited and Butterfield Corporate Services (Hong Kong) Limited. Dexia BIL will take over the business of the Butterfield's Restricted Licence Banking Branch in Hong Kong once they have the necessary regulatory approvals.
