Issue 12 2020

Issue 12 2020 15 Centre of Approachability and Collaboration Butterfield is a leading, independent offshore bank and trust company, providing a full range of community banking and wealth management services in Bermuda and the Cayman Islands, and specialised financial services for private clients and intermediaries from six additional financial centres around the world. Mark Johnson, Vice President, tells us more. Steeped in a history spanning over two centuries, Butterfield originated from a family dry goods business which was established in Bermuda in 1784. Originally specialising in shipping Bermuda cedar, salt and wine, the firm eventually began maintaining current accounts for its clientele. By the early 1800s, financial transactions came to dominate the daily business of the company and in 1858, it was established as a private bank in Bermuda by Nathaniel T. Butterfield, and later incorporated under a special act of the local Parliament in 1904. Today, Butterfield provides a range of banking, wealth management and trust services to clients from offices in The Bahamas, Bermuda, the Cayman Islands, Guernsey, Jersey, Singapore, Switzerland and the United Kingdom. The firm has been publicly traded on the Bermuda Stock Exchange since 1971 (symbol NTB.BH ), and it expanded its ownership base in 2016 with a listing on the New York Stock Exchange (symbol NTB), where it is one of the oldest companies trading. Today, with a vision to be the world’s leading, independent offshore bank and trust company, and a mission to build relationships and wealth, Butterfield prides itself on being approachable and works collaboratively across teams and with clients and their advisers to create bespoke financial solutions. Vice President, Mark Johnson, touches on the firm’s strategy, which aims to promote long-term growth whilst maintain strong capital and liquidity. “A central tenet of the strategy is to build upon our relationship-based business approach by delivering exceptional client services,” he explains. “Relative to larger international banks, our service is high-touch, and the solutions we deliver tend to be more customised. “In Bermuda and the Cayman Islands, we deliver a full range of banking, trust and investment services to personal and corporate clients. In the Channel Islands, our banking business is more specialised,” states Mark. “It comprises services primarily for financial intermediaries. In the UK, Butterfield operates exclusively as a bespoke mortgage lender for premium properties in Central London and the home counties, and across The Bahamas, Bermuda, the Cayman Islands, Sep20660 Guernsey, Switzerland and Singapore, it operates subsidiary trust companies providing fiduciary services to HNW international families focused on securing, growing and making provisions for the inter- generational transfer of wealth.” Butterfield is a very client-centric organisation that does not rely on cookie-cutter lending or investment approaches. It draws upon resources and knowledge from across its international network to curate solutions for clients. This necessitates a high degree of collaboration among the professional banking, trust and investment teams. In fact, as Mark explains further, Butterfield’s staff base is an important asset. “Employees are encouraged to be innovative in their approach to curating solutions for clients, and work together as a team to bring those solutions to fruition. “Our front-line employees, who forge the relationships with clients and their advisers, are the key to business development and our ongoing success. Our mid-office and back office personnel who ensure that we are able to fulfil our obligations to clients, as well as process their business efficiently and effectively, are the key to enabling us to maintain those relationships and build trust with clients over generations. “We look for employees who demonstrate our core values of approachable, collaborative, empowered and impactful; those who focus on the needs of clients.” As a financial institution that operates primarily from offshore locations, Butterfield is highly focused on ensuring that it is a leader in compliance, ensuring that it meets or exceeds all local and international standards for AML/ATF, KYC, tax compliance and reporting. “It is our duty to our stakeholders to maintain the reputation of the Bank and by extension, the reputations of the jurisdictions in which we operate, as transparent, cooperative and well-regulated. Compliance is the most important thing we do each day. “Regarding the future, with our communities facing economic challenges stemming from the impact of the pandemic, and interest rates expected to be low for an extended period, Butterfield is focused on maintaining excellence in client service, whilst finding and executing on opportunities for improved operational efficiency. “Thoughtful expansion through trust and banking acquisitions in premier offshore jurisdictions where we understand the regulatory and business environment will also continue to be considered over the longer term.” Contact: Mark Johnson Web Address: