Updated July 29, 2023
Overview of Banks in Bermuda
Bermuda is one of the world’s fastest-growing islands and the most stable one. According to the credit rating agency Moody’s, the Banking system of Bermuda is rated stable because of higher credit quality, stronger asset quality, and ease of liquidity in the system. They operate under the regulations outlined in the Banks and Deposits Companies Act of 1999. As per the reports, only four major banks are operating in Bermuda. This is due to the strict laws in Bermuda, which state that the country does not allow any international or Foreign Banks to get registered and operate in Bermuda.
Top 4 Banks in Bermuda
Here is a list of the top 4 Banks which are currently operating in the country:
1. Butterfield Bank
Butterfield Bank is the oldest bank operating in Bermuda; the bank was founded in 1858 and is headquartered in Hamilton, Bermuda. The bank is listed on the Bermuda Stock Exchange and captures around 40% of the total market share in the country. The bank also serves areas such as the Bahamas, Cayman Islands, Guernsey, and Switzerland. The Bermuda Monetary Authority currently regulates the bank. The bank offers private and community banking services in the Cayman Islands and Bermuda. It also provides wealth management and treasury services in some of its markets. The bank established itself as the first on the Island and continues to be an integral part of the Local Economy in Bermuda. The bank has a total asset of 10.8 bn dollars with an employee strength of 1,190 employees currently working for the bank
2. Clarion Bank Ltd
Clarion Bank holds one of the four banking licenses in the country. The bank was previously known as Capital G Bank. CHW Limited, which merged with Capital G Bank in 2014, also wholly owns the bank. They formed Clarion Bank in 1975, with headquarters in Hamilton, Bermuda. The bank is majorly into lending purposes, including the lending of real estate and residential mortgages, and is also into retail and personal banking. The company also offers debit and credit cards. As of 2016, the bank had a total income of 55.1 mn USD. Currently, a private entity holds ownership of the bank, and it employs around 200 people.
3. Bermuda Commercial Bank Limited (BCB)
Somers Limited wholly owns Commercial Bank, which was established in 1969. the only bank exclusively focused on commercial, corporate, and high-net-worth individuals, it falls under the regulatory oversight of the Bermuda Monetary Authority.
The Bank offers various financial products and services, from treasury services to checking accounts and fixed deposit accounts to e-banking services, drafts, and credit cards. As of 2017, the bank had a total income of around 35 mn dollars with total assets of 780 mn. The Bank has an employee strength of about 80 people in total. Earlier, Bermuda Provident Bank Limited changed its name to Bermuda Commercial Bank.
4. HSBC Bank
The bank ranks itself second in terms of total assets owned by the bank. The bank was founded in 1889 and is also one of the oldest banks in the country. In 2004 HSBC, the Bank of the UK acquired this bank and named it HSBC Bank of Bermuda. The total number of employees of HSBC Bermuda is around 1200+ employees. The bank currently has 41% of the market share in deposits on the Island. The bank is currently active in the division of retail Banking and wealth management, commercial and global banking on the Island.
This is a guide to Banks in Bermuda. Here we discuss the introduction and top 4 Banks in Bermuda, respectively. You can also look at the following articles to learn more –