First Citizens now owns 100% of Butterfield Bank (Barbados)
First Citizens announces that regulators in both Barbados and Trinidad and Tobago have approved the purchase of Butterfield Bank (Barbados) Limited by the Group; and that payment has been made by First Citizens for 100% of the shares of Butterfield Bank (Barbados) Limited from the Bank of N.T. Butterfield & Son Limited.
This acquisition represents an ideal opportunity for First Citizens to achieve its strategic objective to actively seek potential assets within the Region and beyond. In two (2) to three (3) weeks the doors of the current Butterfield Bank (Barbados) Limited will be open to the public under the name First Citizens Bank (Barbados) Limited. Until such time the Bank will continue to be run under the Butterfield Bank (Barbados) Limited name even though it is legally owned by First Citizens. Larry Nath, Acting Group CEO at First Citizens said “Butterfield’s employees and customers are a good fit with the First Citizens business model and we welcome them wholeheartedly and look forward to serving them as members of the First Citizens family.”
Nath informed that “First Citizens intends to strengthen its commitment to Barbados. Not only is this the first acquisition of a retail bank outside of our home base, giving First Citizens the opportunity to expand its operations in Barbados, but it also represents an opportunity for Butterfield Bank (Barbados) Limited to become a much larger financial institution.”
Glyne Harrison, Acting CEO at Butterfield Bank (Barbados) Limited said “We recognise that the solid financial platform built by Butterfield Bank (Barbados) Limited was one of the attributes which attracted the First Citizens Group to this vibrant banking institution.” Harrison added “A First Citizens Bank (Barbados) Limited customer will benefit from a full range of broader, more competitive offerings in retail, corporate and merchant banking services as well as asset management, trustee and brokerage services.”
The First Citizens Group has assets of almost US$5 billion and equity of over US$800 million and is committed to regional growth and expansion underpinned by its significant track record of being one of the safest, soundness and most stable Banks in the region.
Acting Group CEO
August 28th 2012