"Matheson Bank has a well deserved reputation for high-quality customer service and efficient administration. This acquisition is an excellent opportunity for us to expand into the substantial and well regulated United Kingdom market," said Graham Brooks, Executive Vice President, International & Trust, of the Bank of Butterfield Group.
Matheson Bank Limited was established in 1979 and had balance sheet footings of £ 293 million ($ 438 million) as at its last financial year end, 31 December 2000. Their principal activities are deposit taking, secured lending, customer foreign exchange and global custody of securities.
Commenting further, Mr. Brooks said that the acquisition is in line with Bank of Butterfield's strategy of building on its existing core activities and strengths. "We are fortunate to have acquired a well established, customer-focussed Bank in one of the world's major financial centres. The capable and loyal personnel of Matheson Bank will be retained, which will ensure continuity of service and maintenance of high standards," he added.
Matheson Bank Limited will be renamed Bank of Butterfield (UK) Limited and is a wholly owned subsidiary of The Bank of N.T. Butterfield & Son Limited.
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Note to Editors:
Bank of Butterfield Group is a vital community bank in both Bermuda and Cayman and a specialist offshore financial services company that has chosen its markets, knows them well, and uses its knowledge to benefit institutional and individual clients. The Bank, established in 1858, offers a full range of banking, credit, investment, treasury, trust and custody services through its headquarters in Bermuda, as well as offices in Cayman, Guernsey, Hong Kong and the United Kingdom.
Bank of Butterfield is a publicly traded corporation with its shares listed on the Bermuda and Cayman Islands stock exchanges. The Bank's share price is published daily in the Royal Gazette and is also available on Bloomberg Financial Markets (symbol: NTB.BH) and The Bermuda Stock Exchange web site: www.bsx.com. Further details on the Bank can be obtained from its web site at: www.bankofbutterfield.com.
For more information call:
Investor Relations:
Richard Ferrett, Executive Vice President and Chief Financial Officer
Tel: (441) 299-1643 Fax: (441) 295-1220
E-mail: richardferrett@bntb.bm
Media Relations:
Karla Lacey-Minors, Vice President, Corporate Communications
Tel: (441) 298-6484 Fax: (441) 295-3878
E-mail: klacey@bntb.bm