In Hamilton, Bermuda last week The Bank of N.T. Butterfield & Son Limited announced its acquisition of the entire share capital of The Mutual Bank of The Caribbean Inc., a Barbados retail bank. Mutual Bank was acquired from its majority shareholder, Sagicor Financial Corporation, and its minority shareholders.

{*I}”This transaction is a significant milestone in the strategic development of Bank of Butterfield,”* said Graham Brooks, Executive Vice President, International & Trust, Bank of Butterfield, in announcing the acquisition. *”It is consistent with our strategy to expand into markets where we can successfully deliver our core products and services.”* Bank of Butterfield President & CEO, Alan Thompson added that the transaction has accomplished a strategic goal for the Bank, allowing for deeper market penetration in the Caribbean region.

This is Bank of Butterfield’s third acquisition in the past four months. In September, it acquired the entire share capital of Leopold Joseph (Bahamas) Limited. At that time, Mr Brooks said, *”This acquisition fits very well with our purchase of Thorand Bank & Trust, announced on August 25. Both businesses have high quality clients and, when merged, will form a solid foundation for growth in The Bahamas.”*

Bank of Butterfield is a community bank in both Bermuda and the Cayman Islands 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. Headquartered in Bermuda, Bank of Butterfield also has offices in the Cayman Islands, The Bahamas, Barbados, Guernsey and the United Kingdom.