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Butterfield Completes Sale of Barbados Subsidiary to First Citizens Group
Hamilton, Bermuda – 28 August, 2012 - The Bank of N.T. Butterfield & Son Limited (“Butterfield”; Ticker: NTB.BH) today announced that it has completed the sale of its wholly-owned Barbados subsidiary, Butterfield Bank (Barbados) Limited, to Trinidad and Tobago-based First Citizens Bank Limited (“First Citizens”).
Butterfield announced in May 2012 that it had reached an agreement for the sale of its Barbados business to First Citizens, pending regulatory approval. Final regulatory approval was received 16 August 2012.
Butterfield received gross proceeds of US $45 million for the sale of the business, which will generate a gain of approximately $7 million before normal adjustments. Details regarding the net gain from the transaction will be disclosed in Butterfield’s third quarter 2012 financial results.
Butterfield Bank (Barbados) Limited was established in 2003 upon the acquisition by Butterfield of the Barbados assets of the Mutual Bank of the Caribbean, Inc.; at the time a subsidiary of The Barbados Mutual Life Assurance Society. It had assets of B$ 617 million (US$ 308 million) and customer deposits of B$ 540 million (US$ 270 million) at 31 December 2011.
First Citizens’ acquisition of Butterfield Bank (Barbados) Limited represents the first acquisitive expansion of its full service banking business outside of its home market of Trinidad and Tobago.
Bradford Kopp, Butterfield’s President & Chief Executive Officer, said, “We are pleased that we received all regulatory approvals and were able to conclude the sale of our Barbados business to First Citizens in the third quarter as planned. With this transaction completed, Butterfield’s management team continues to focus on strengthening our core businesses—community banking in Bermuda and Cayman and international wealth management services—to restore Shareholder value.”
Mr. Kopp continued, “We have worked closely with the First Citizens team to enable a seamless transition of services for our former customers in Barbados, and we are confident that they will continue to be well served.”
Mr. Larry Nath, First Citizens Ag. Group Chief Executive Officer, said, “We, at First Citizens, are very excited about the opportunities that lie ahead for us. We thank the leadership of Butterfield Bank (Barbados) for working with us to ensure a seamless transition. We are confident that we have an incredible group of people with unmatched experience in both organisations who will support our aim to remain one of the safest, soundest and most stable Banks in the region."
NOTES:
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, Barbados and the Cayman Islands, encompassing retail and corporate banking and treasury activities. In the wealth management area, the Group provides private banking, asset management, investment advisory and personal trust services from its headquarters in Bermuda and subsidiary offices in The Bahamas, the Cayman Islands, Guernsey, Switzerland and the United Kingdom. Butterfield also provides services to corporate and institutional clients from offices in Bermuda, The Bahamas, the Cayman Islands and Guernsey, which include asset management and corporate trust 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.
Media Relations Contact:
Mark Johnson
Vice President, Communications, Brand & Public Affairs
Phone: (441) 299 1624
Fax: (441) 295 3878 E-mail: mark.johnson@butterfieldgroup.com
Sharon Christopher
Deputy CEO, Corporate Administration
First Citizens Group
Corporate Centre
9 Queen’s Park East
Port of Spain
Trinidad
Phone: (868) 624 3178 ext 2003
Cellular: (868) 678 7338
Fax: (868) 624 5981