Overview Of Banks in Bermuda
Bermuda is one of the fastest growing islands in the world and is also 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 are regulated as per the Banks and Deposits Companies Act 1999. As per the reports, there are only four major banks operating in Bermuda this is due to the strict laws in Bermuda which states that the country does not allow any of the international or Foreign Banks to get itself 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 the year 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 as well. The bank is currently regulated by the Bermuda Monetary Authority. 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 is the first one to be established in the Island is still is 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 is one of the four licensed banks in the country. The bank was formerly known by the name of Capital G Bank. The bank is also a wholly owned subsidiary of company CHW Limited which merged with Capital G bank in 2014. It was formed in the year 1975 with headquarters in Hamilton, Bermuda. The bank is majorly into lending purposes including the lending of real estate, 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. The bank is privately held and has around 200 employees currently
3. Bermuda Commercial Bank Limited (BCB)
Commercial Bank was established in the year 1969 and it is a 100% subsidiary of Somers Limited. It is the only bank which is focused solely on commercial, corporate and high net worth individuals and is regulated by the Bermuda Monetary Authority. The Bank offers various financial products and services ranging from treasury services to checking accounts, fixed deposit accounts to e-banking services, drafts as well as credit cards. As of 2017, the bank had a total income of around 35 mn dollars with a total asset of 780 mn dollars. The Bank has an employee strength of around 80 people in total. Earlier the bank name was Bermuda Provident Bank Limited which was later changed 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 the year 1889 and is also one of the oldest banks in the country. In 2004 HSBC the bank of UK has 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 terms of deposits on the island. The bank is currently active in the division of retail Banking and wealth management, commercial and global banking in the island.
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