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Butterfield to Wind Down UK Private Bank
Hamilton, Bermuda: 15 February 2016 – In a filing with the Bermuda Stock Exchange, the Bank of N.T. Butterfield & Son Limited (the “Bank”; Ticker: NTB.BH) announced the winding down of UK Private Bank. The filing stated:
The Bank of N.T. Butterfield & Son Limited today announced that it has commenced an orderly wind down of the deposit taking and investment management businesses of its wholly owned London subsidiary, Butterfield Bank (UK) Limited (which operates in the United Kingdom under the trade name Butterfield Private Bank). The Butterfield Group will maintain a mortgage lending business in the UK, subject to regulatory approval.
The Butterfield Group’s growth strategy is focused on markets where it has a substantial presence and can achieve economies of scale. As evidenced by recent acquisitions in Guernsey, the Cayman Islands and Bermuda, the Group will deploy its resources to invest in community banking and wealth management in high quality offshore jurisdictions. The scale and scope of the deposit taking and investment management businesses in London were not consistent with Butterfield Group’s growth strategy.
Butterfield Private Bank is fully funded to return all investments and cash balances to clients and has worked with its regulators to formulate a plan for doing so in an efficient and orderly way.
Clients will be contacted directly by Butterfield Private Bank with respect to the transfer of their deposits and investments to other financial institutions or other entities within the Butterfield Group, as appropriate.
- ENDS -
Notes to Editors:
This Release does not constitute an offer to sell securities, or a solicitation of an offer to buy securities, in any jurisdiction, including without limitation the United States of America. Securities may not be offered or sold in the United States of America absent registration or an
exemption from registration under the U.S. Securities Act of 1933, as amended. A public offering of securities in the United States, if any
such offering is made, will be made by means of a prospectus that may be obtained from The Bank of N.T. Butterfield & Son Limited
(“Butterfield”) containing detailed information about Butterfield and management, as well as financial statements.
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 and the Cayman Islands, encompassing retail and corporate banking and treasury activities. Butterfield also provides private banking, asset management and personal trust services from its headquarters in Bermuda and subsidiary offices in the Cayman Islands, Guernsey and the United Kingdom. In Switzerland and The Bahamas, Butterfield provides personal trust and company services. Butterfield is a publicly traded corporation with shares listed on the Bermuda Stock Exchange. 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.
Hamilton, Bermuda: 15 February 2016 – In a filing with the Bermuda Stock Exchange, the Bank of N.T. Butterfield & Son Limited (the “Bank”; Ticker: NTB.BH) announced the winding down of UK Private Bank. The filing stated:
The Bank of N.T. Butterfield & Son Limited today announced that it has commenced an orderly wind down of the deposit taking and investment management businesses of its wholly owned London subsidiary, Butterfield Bank (UK) Limited (which operates in the United Kingdom under the trade name Butterfield Private Bank). The Butterfield Group will maintain a mortgage lending business in the UK, subject to regulatory approval.
The Butterfield Group’s growth strategy is focused on markets where it has a substantial presence and can achieve economies of scale. As evidenced by recent acquisitions in Guernsey, the Cayman Islands and Bermuda, the Group will deploy its resources to invest in community banking and wealth management in high quality offshore jurisdictions. The scale and scope of the deposit taking and investment management businesses in London were not consistent with Butterfield Group’s growth strategy.
Butterfield Private Bank is fully funded to return all investments and cash balances to clients and has worked with its regulators to formulate a plan for doing so in an efficient and orderly way.
Clients will be contacted directly by Butterfield Private Bank with respect to the transfer of their deposits and investments to other financial institutions or other entities within the Butterfield Group, as appropriate.
- ENDS -
Notes to Editors:
This Release does not constitute an offer to sell securities, or a solicitation of an offer to buy securities, in any jurisdiction, including without limitation the United States of America. Securities may not be offered or sold in the United States of America absent registration or an
exemption from registration under the U.S. Securities Act of 1933, as amended. A public offering of securities in the United States, if any
such offering is made, will be made by means of a prospectus that may be obtained from The Bank of N.T. Butterfield & Son Limited
(“Butterfield”) containing detailed information about Butterfield and management, as well as financial statements.
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 and the Cayman Islands, encompassing retail and corporate banking and treasury activities. Butterfield also provides private banking, asset management and personal trust services from its headquarters in Bermuda and subsidiary offices in the Cayman Islands, Guernsey and the United Kingdom. In Switzerland and The Bahamas, Butterfield provides personal trust and company services. Butterfield is a publicly traded corporation with shares listed on the Bermuda Stock Exchange. 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 Contacts:
BERMUDA: OUTSIDE BERMUDA:
Mark Johnson James Isola
Vice President, Communications, Brand & Public Affairs Maitland
The Bank of N.T. Butterfield & Son Limited Phone: +44 20 7379 5151
Phone: (441) 299 1624 E-mail : jisola@maitland.co.uk
Cellular: (441) 524 1025
Fax: (441) 295 3878
E-mail: mark.johnson@butterfieldgroup.com