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29 October 2007
Butterfield Bank Makes Key Strategic Acquisition of Wealth Management Group

The Bank of N.T. Butterfield & Son Limited (“Butterfield Bank”) is pleased to announce that it has acquired the entire share capital of Bentley Reid Group, a privately-held, international wealth management company with offices in Hong Kong, London and Malta. 


Established in 1979, Bentley Reid Group provides financial and tax advisory and investment management services to private clients and charities from offices in Hong Kong and London. Through its Malta-based subsidiary, Bentley Trust, the Group provides trust and company formation and administration on an international, multi-jurisdictional basis.  

Bentley Reid Group has close to half a billion dollars (US$) in assets under discretionary management and approximately US$2 billion in assets under advice and administration.


In announcing the acquisition, Alan Thompson, Butterfield Bank’s President and Chief Executive Officer, said, “This transaction represents an important strategic milestone, as wealth management is a core business for Butterfield Bank.  Expanding our private client services to new international markets and acquiring wealth management clientele is central to our growth strategy.”  Earlier this month, the Bank announced the expansion of its Swiss operations with the establishment of a trust company in Geneva, following the establishment of a subsidiary in Zurich in late 2006.


Graham Brooks, Executive Vice President, International, Butterfield Bank said, “In Bentley Reid, we have acquired a well-established, prestigious group whose operations and personnel are an excellent fit with those of the Bank.  The deal increases our existing private client business and allows us to extend our relationship-focused service model to new markets.”  He added, “The Hong Kong presence will provide us with the ability to attract new clients in the dynamic Far East market.  The office in Malta gives us a foothold in one of Europe’s newer financial centres, providing us with another jurisdiction through which we can administer clients’ assets.  Very importantly, Bentley Reid’s London operations complement our sophisticated and increasingly successful UK Private Bank and will enhance our investment management capabilities in that jurisdiction.  I look forward to working with the Bentley Reid team.”


Bentley Reid Group principals Nic Bentley, Chairman, who is based in Hong Kong, and Rupert Bentley, Chief Executive, who is based in London, along with the existing Bentley Reid management team will continue to manage their client relationships as executives of Butterfield Bank Group.


Rupert Bentley commented on the transaction, “This is good news for Bentley Reid’s clients and staff. Butterfield Bank shares our philosophy of relationship-led services and has an excellent reputation in the fields of private banking, asset management and trusts.  Our clients will continue to deal with the Bentley Reid executives who currently advise them, but will now have access to a broader range of services in many more jurisdictions as a consequence of our joining the Butterfield Bank family.”

 

Media 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

 

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

 

Note to Editors:

 
Butterfield Bank is Bermuda’s first and largest independent bank, and a specialist provider of offshore 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, 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.

 

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