"This is a significant acquisition for Bank of Butterfield which continues our strategy of building on core activities and strengths," said Graham Brooks, Executive Vice President, International & Trust, Bank of Butterfield Group in announcing the acquisition. "CIBC has built a high quality, well diversified business in Guernsey which together with our existing successful operations gives us a substantial presence with 215 employees and a combined balance sheet in excess of GBP 705 million (USD 1 billion)."
Established in 1985, CIBC's Guernsey business has offered a full range of investment and banking services for high net worth individual and institutional clients. At its last financial year end, 30th October 2000, CIBC Guernsey had balance sheet footings of GBP 247 million (USD 350 million). Fee earning business accounts for over 80% of their income.
"With this acquisition we are bringing together two dynamic operations which have able, committed management and personnel," continued Mr. Brooks. He said that the immediate priority is the continuity of the delivery of a first class service to all customers and that there would be no compulsory redundancies.
Endorsing Mr. Brooks's comments, Robert Moore, Managing Director, Bank of Butterfield International (Guernsey) Limited and Keith Betts, Managing Director of CIBC's Guernsey operations confirmed their commitment to continuing to meet the needs of their customers by offering a superior service and an extensive range of financial products.
All the former CIBC Guernsey operations will be renamed to reflect the Butterfield ownership and will initially operate in concert with Bank of Butterfield's existing office. A process of integration will commence shortly, and will be facilitated by the number of common procedures and systems used.
€¦2
Note to Editors:
Bank of Butterfield Group is a vital community bank in both Bermuda and Cayman and a specialist offshore financial services company. Established in 1858, the Bank offers a full range of banking, credit, investment, treasury, trust and custody services through its headquarters in Bermuda and 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:
Graham Brooks, Executive Vice President, International & Trust
Tel: (441) 299-3917 Fax: (441) 295-1220
E-mail: grahambrooks@bntb.bm
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