On Monday, The Bank of N.T. Butterfield & Son Limited announced that it had acquired the entire share capital of Bahamas-based Thorand Bank & Trust Limited.
Thorand Bank & Trust, established in 1960, provides private banking, trust and other fiduciary services to private and institutional clients.
According to Graham Brooks, Executive Vice President, International & Trust, Bank of Butterfield, *”This is an important development for Bank of Butterfield. We have acquired a solid base on which to build in a major international private banking and wealth management market.”* He also noted the “helpful assistance provided by The Central Bank of The Bahamas and the management of Thorand Bank & Trust during the negotiations to complete this transaction.”
Alan Thompson President & CEO of Bank of Butterfield also commented on the acquisition, saying *”We have now achieved a strategic objective by entering The Bahamas,**a jurisdiction which has shown commitment and success in developing a quality international business environment.”*** The CEO pointed out that in line with the Bank’s strategy, it will concentrate on the delivery of a range of core services, including private banking, wealth management and investment and pension fund administration. He concluded, *”We are pleased to be part of the financial services community in The Bahamas and look forward to working closely with our new team.”*
Thorand Bank & Trust is to be renamed Bank of Butterfield (Bahamas) Limited.
Bank of Butterfield Group is a 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. It is a publicly traded corporation with its shares listed on the Bermuda and Cayman Islands Stock Exchanges.