2 March 2010 | Press Release

The Deputy Premier and Minister of Finance, the Hon. Paula A. Cox, JP, MP, today released a statement following the announcement by Butterfield Bank of its 2009 financial results, and the closing of a transaction with a group of investors led by The Carlyle Group and the Canadian Imperial Bank of Commerce (CIBC).

Minister Cox said, “The Ministry of Finance has noted the 2009 financial results announced by the Bank of NT Butterfield & Son Ltd. The Ministry was aware that the Bank was in discussion with potential new partners who were prepared to inject new capital into the Bank.

“The Ministry is pleased that the commercial resolution was concluded in a manner that considerably strengthens the Bank’s capital base. The $550 million injection of new capital enables the Bank to de-risk its balance sheet and positions it for a reasonably quick return to profitability.

“The Carlyle Group and the Canadian Imperial Bank of Commerce (CIBC) are brand names in global financial circles. Their partnership with Butterfield Bank is a positive development for Bermuda’s financial sector and the equity capital commitment represents a long term vote of confidence in our jurisdiction as an international financial centre.”