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Best Bank: Bank of Bermuda/HSBC |
Bermuda’s banks have suffered similar woes to those around the world, and the island’s government was forced to inject capital into Butterfield Bank to restore confidence in the banking system just as other governments were forced to do. Only a handful of banks worldwide did not turn to their local governments for money, and one was HSBC. Bank of Bermuda (owned 100% by HSBC) is the highest-rated banking and financial services company in Bermuda.
The bank made a hefty profit of $348 million over 2008 – up 21% on the previous year – the majority of which was from Bermuda-based operations and banking. In October 2008, the bank also launched its one-stop shop insurance and banking offering to retail and private banking clients, allowing them to get their insurance and loans from the same place. In May, the bank rolled out the same idea for small and medium-sized companies.
