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BANKING

Bermuda

Awards of Excellence
Latin American regional awards




Best Bank: Butterfield Bank

Butterfield Bank posted another strong performance during the first quarter of 2007, following record 2006 results. Net income for the three months to March 31 2007 was $35.7 million, an increase of 7.8% on the same period the previous year. Pre-tax net income was $37.3 million, a rise of 11%. Diluted earnings per share were $1.22, an increase of 7 cents. During the past few months, Butterfield Bank has introduced new products and services, including 100% mortgage financing for qualifying home buyers in Bermuda; a special account, called Young Savers, for customers aged 10 to 18; and MasterCard Black (an "above platinum" credit card for select customers, offered by invitation only).

The bank has also extended operating days at its retail branches across the island, as well as its head office consumer credit department, to include Saturdays.

At the beginning of this year, the bank opened its first new funds services office in Halifax, Canada, as a base to extend its services to North American hedge funds.

One of Butterfield Bank’s rivals, Bermuda Commercial Bank, is in the final stages of negotiations with a potential buyer.

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