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Bank Of Butterfield Enters The Bahamas
Thorand Bank & Trust, established in 1960, provides private banking, trust and other fiduciary services to private and institutional clients.
In announcing the acquisition, Graham Brooks, Executive Vice President, International & Trust, Bank of Butterfield said, "This is an important development for Bank of Butterfield. We have acquired a solid base on which to build in a major international private banking and wealth management market." He added that Thorand has an excellent client base and that Bank of Butterfield has been impressed by the company's enthusiastic and skilled employees. Additionally, he noted the helpful assistance provided by The Central Bank of The Bahamas and the management of Thorand Bank & Trust during the negotiations to complete this transaction.
Bank of Butterfield President & CEO, Alan Thompson said, "We have now achieved a strategic objective by entering The Bahamas, a jurisdiction which has shown commitment and success in developing a quality international business environment. In line with our strategy, we will concentrate on the delivery of a range of our core services including private banking, wealth management and investment and pension fund administration. We are pleased to be part of the financial services community in The Bahamas and look forward to working closely with our new team."
Thorand Bank & Trust will shortly be renamed Bank of Butterfield (Bahamas) Limited and Robert Lotmore, who is currently President of Thorand, will continue to lead the business in the capacity of Managing Director.