Strategic Review Leads Bank of Butterfield to Close Redundant Singapore Office

Hamilton, Bermuda, 24 June, 1997 - Bank of Butterfield undertook a strategic review of its business in May which is expected to result in a number of targeted actions, including the closing of the Bank's Trust and Administrative Services subsidiaries in Singapore which was announced today. This announcement is part of a strategic decision to concentrate the Bank's resources on the traditional businesses that have contributed to its growth.

The 23-person Singapore office is scheduled to close immediately. Cost savings will be substantial.

Bank of Butterfield will continue to service corporate and individual customers with interests in Asia through its Hong Kong office and offices around the world.

Mr. Tugwell added, "We are grateful to the relevant authorities of Singapore for the support they have given to us and we have assured them that we will undertake an orderly closure. Our Singapore office has been staffed by professional and talented people who should readily find new employment. We regret the impact of this decision on our staff and will do all we can to make the transition as smooth as possible for them."

Bank of Butterfield is a $4.4 billion organization founded in 1858. It has its headquarters in Hamilton, Bermuda and offices in Grand Cayman, Guernsey, Hong Kong and the United Kingdom.

For information contact:

Steve L. Marklew
Senior Manager - Marketing
Bank of Butterfield