"It is a great statement of confidence in the Bank's future and demonstrates the international investment community's recognition of our inherently strong balance sheet and liquidity positions", said Calum Johnston, CEO & President.
"The issue ensures that the Bank of Butterfield remains strongly capitalised going forward and that it will continue to compete successfully in our chosen markets. By attracting this form of capital we will be better placed to achieve our strategic goal of enhancing shareholder value without changing the make-up of our shareholder register. this bond issue has not changed the more than 70% Bermudian ownership of the Bank's shares."
The Bank's adviser and lead manager for the issue is Lehman Brothers and application has been made for the notes to be listed on both the bermuda and Luxembourg stock exchanges.
M. Callum Jonston
President & CEO