Top Banks in Bermuda
An overview of Bermuda's leading financial institutions
An overview of Bermuda's leading financial institutions
There are only four banks in Bermuda. The Bermuda Monetary Authority oversees the country’s financial services sector. Bermuda is a well-developed and highly successful offshore financial center. Banks in Bermuda are regulated under the Banks and Deposit Companies Act 1999.
According to Moody’s, Bermuda’s banking system is stable due to improving asset quality, strong capital buffers, and sound liquidity, which counteract challenges in profitability.
For anyone considering a career in banking in Bermuda, this list of top banks in Bermuda s a helpful guide on where to start. To learn more, see our lists of financial institutions.
Bermuda Commercial Bank, a subsidiary of Somers Limited, is one of the four licensed banks in Bermuda. It was incorporated in 1969 as Bermuda Provident Bank Limited under an act of Parliament. It later changed its name to Bermuda Commercial Bank in 1984.
Headquartered in Hamilton, the bank employs around 73 staff. It provides various banking products and services to high net worth clients, corporate, and commercial customers. It offers savings and checking accounts, fixed deposits, and eBanking services, wire transfers, drafts, and credit cards, as well as investment products.
In 2011, the company expanded its trust and corporate administration services business by acquiring two Bermuda companies: Paragon Trust Ltd and Charter Corporate Services Ltd. In 2015, the bank acquired Private and Commercial Finance Group Plc (“PCFG”), a UK-based finance house quoted on the AIM Stock Exchange, focusing on vehicle financing in the business and consumer sectors.
In 2016, the bank posted a total income of US$36.13 million, compared to US$16.22 million in 2015, and total assets of US$649 million, compared to US$759 million in the previous year.
Bank of Butterfield is a community bank that provides specialized financial services to individuals and small to medium-sized businesses. The bank accepts retail and corporate checking deposits, savings, term, and non-interest bearing deposits, as well as certificates of deposit. It also provides residential mortgage lending, automobile financing, consumer financing, credit cards, overdraft facilities, commercial real estate lending, and commercial and industrial loans.
The bank also offers investment products and services, cash and liquidity management, custody administration, foreign exchange, and settlement services.
Founded in 1858, making it one of the oldest banks in Bermuda, Bank of Butterfield is also present in the Cayman Islands, Guernsey, Switzerland, the Bahamas, and the United Kingdom. As of 2016, it manages seven branches and 51 ATMs. Headquartered in Hamilton, it employs 1,240 individuals as of 2016.
In 2016, the bank’s total income was US$402.6 million compared to US$364.3 million in 2015, and its total assets were US$11,103 million, compared to USD 10,275.6 million in the previous year.
Clarien Bank is a wholly-owned subsidiary of Bermuda-based CWH Limited, which merged with Capital G Bank in 2014. After the merger, CWH became the majority shareholder in Clarien Bank.
The bank offers various personal banking products and services, including loans, residential mortgages, and savings accounts, federal fund accounts, credit and debit cards, kids’ accounts, and eBanking services. It also provides asset management services in the areas of equities, commodities, institutional and captive funds, fixed income, and hedge funds. It is also into wealth management services, such as trust and estate planning, cash management, credit and debit solutions, federal fund accounts, portfolio construction services, and investment banking services.
Established in 1975, the bank is also present in Africa, America, Australia, Europe, the Far East and the Middle East. It was formerly known as Capital G Bank Limited and changed its name to Clarien Bank Limited in 2014.
In 2016, the bank’s total income reached US$55.1 million, compared to US$56.7 million in 2015, and total assets amounted to US$1,164 million, compared to US$1,136.5 million in the previous year.
HSBC Bank Bermuda provides financial services to individuals, institutions, and corporations in Bermuda and other countries. The bank accepts deposit products such as checking and savings accounts, and fixed term deposits. Apart from these, it also provides education, green, personal, and home loans, overdrafts, personal lines of credit, residential mortgages, and credit and debit cards. It also offers various financial planning and investment products, home construction loans, mortgage protection, motor protection, consumer loan protection, travel insurance, and marine insurance products. Additionally, it also provides investment management, and custodial and other fiduciary services, as well as fund and trust administration services.
Founded in 1889, HSBC Bank Bermuda is listed on the Bermuda Stock Exchange. Headquartered in Hamilton, the bank employs around 1,100 people as of 2016.
In 2016, the bank posted a total income of US$189.3 million, compared to US$185.3 million in 2015, and reported total assets of US$9,757 million, compared to US$11,922.4 million in the previous year.
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This has been CFI’s guide to the top banks in Bermuda. For anyone looking for a career in banking, this list is a great place to start your networking. Please also see these additional resources: