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23 February 2007
Butterfield Bank Named One of the World’s Best Developed Market Banks 2007

Butterfield Bank today announced that it has been named Best Developed Market Bank 2007 for Bermuda by Global Finance magazine. This is the third consecutive year Butterfield Bank has won an award from Global Finance and this award follows a fifth consecutive accolade from The Banker for being the Best Bank in Bermuda.


Butterfield Bank shares the limelight this year with two other banks in the North American category: Citi in the U.S. and Royal Bank of Canada. European winners of the Global Finance Best Developed Market Bank this year include: Barclays in the U.K., Deutsche Bank in Germany and UBS in Switzerland.


Alan R. Thompson, President & Chief Executive Officer of Butterfield Bank said, “Butterfield Bank is very pleased to have been recognised by Global Finance for a third year in a row.”


“The award shows how competitive we are, not only in the local marketplace but also on a global stage. Today we stand on the same podium as some of the world’s largest and most successful financial institutions.”


Global Finance’s publisher, Joseph D. Giarraputo explained that his magazine recognized Butterfield Bank for our outstanding accomplishments in 2006.


“Conditions in each market may have differed but the winning banks were all noteworthy in their dedication to satisfying their customers’ needs,” Mr. Giarraputo said.


A Global Finance release continued to say that the winning banks of 2007 were institutions which carefully attended to the needs of their customers and accomplished enviable results, while laying the foundations for future success.

“In selecting these top banks, we considered factors that range from the quantitative objective to the informed subjective,” the release said. “This year banks were invited to submit entries supporting their selection. Amid nominally objective criteria were growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products. Subjective criteria included the opinions of equity analysts, credit rating analysts, banking consultants and others involved in the industry.”


They said a mix of these factors yielded awards to leading banks and while the winners may not always have been the largest banks in any given country, winners were always the best banks — the banks with which corporations around the world would most likely want to do business.


Global Finance will present the awards to the winning banks during annual meetings between the International Monetary Fund (IMF) and World Bank in Washington D.C. on 22 October 2007.


About Butterfield Bank:

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. For corporate and institutional clients, the Group provides investment and pension fund administration services, asset management and corporate trust services in Bermuda, The Bahamas, the Cayman Islands and Guernsey. 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 web site at:


About Global Finance:

Global Finance, which celebrates its twentieth year of publishing in 2007, has 50,000 subscribers and more than 250,000 readers in over 158 countries. This audience includes chairmen, presidents, CEOs, CFOs, treasurers, and other financial officers responsible for making investments and strategic business decisions for large global companies and financial institutions. Global Finance also targets the 8,000 key portfolio investors who control over 80% of all assets under professional management. All selections were made by the editors of Global Finance, after extensive consultations with bankers, corporate financial executives and analysts throughout the world. A full report on the selections will appear in the April issue of Global Finance.


Butterfield Bank media relations contacts:


Mark Johnson

Communications Manager

The Bank of N.T. Butterfield & Son Limited

Phone: (441) 299-1624

Fax: (441) 295-3878



Stuart Roberts

Senior Communications Specialist

The Bank of N.T. Butterfield & Son Limited

Phone: (441) 298-4610

Fax: (441) 295-3878






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