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20 March 2008
Butterfield Bank Cuts Bermuda Dollar Base Rate by 0.75% to 4.25%

Butterfield Bank today announced it will reduce its Bermuda Dollar Base Rate by 0.75%, to 4.25%, with effect from Monday, 24 March 2008.


Customers with existing variable rate residential mortgages will see a 0.75% reduction in their interest
rates from Monday, 23 June 2008. This reduction follows an announcement in January of a 0.25% cut to variable rate residential mortgages which will take effect on Tuesday, 22 April 2008.


Richard Ferrett, Chief Financial Officer and Executive Vice President said, “We are pleased to pass on the benefits of lower US interest rates to our customers who borrow from us at rates linked to the Bank’s Bermuda Dollar Base Rate.”


Customers with personal loans and mortgages at fixed rates of interest will be unaffected by the change.


Note to Editors:
Butterfield Bank is Bermuda’s first and largest independent bank, and a specialist provider of international financial services. The Butterfield Bank Group offers a full range of community banking services in Bermuda, Barbados and the Cayman Islands, encompassing retail and corporate banking and treasury activities. In the wealth management area, the Group provides private banking, asset management and personal trust services from its headquarters in Bermuda and subsidiary offices in The Bahamas, the Cayman Islands, Guernsey, Hong Kong, Malta, Switzerland and the United Kingdom. The Group provides services to corporate and institutional clients from offices in Bermuda, The Bahamas, Canada, the Cayman Islands and Guernsey, which include investment and pension fund administration, asset management and corporate trust services. Butterfield Bank is a publicly traded corporation with shares listed on the Bermuda and Cayman Islands stock exchanges. Further details on Butterfield Bank can be obtained from our website at: www.butterfieldbank.com.

 

Media Relations Contacts:

Mark Johnson
Assistant Vice President
The Bank of N.T. Butterfield & Son Limited
Phone: (441) 299-1624
Fax: 441) 295-3878
E-mail: markjohnson@bntb.bm
www.butterfieldbank.bm

 

Stuart Roberts
Senior Communications Specialist
The Bank of N.T. Butterfield & Son Limited
Phone: (441) 298-4610
Fax: (441) 295-3878
E-mail: stuartroberts@bntb.bm
www.butterfieldbank.bm

 

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