Butterfield Bank has been awarded bank of the year in Bermuda and the Caymans.

The award, from the international banking industry magazine The Banker, is the third in succession for Butterfield.

Butterfield’s chief executive officer Michael Collins said: “Butterfield is honoured to once again be recognised as The Banker’s bank of the year in Bermuda and the Cayman Islands.

“Receiving a bank of the year accolade is among the most valued accomplishments in the industry and earning that distinction in two key markets for three years running is a matter of much pride at the bank.

“The awards reflect Butterfield’s commitment to our communities and the strength of our team and their efforts in ensuring that we are continually providing our customers with leading products and exemplary service.”

Conor O’Dea, president and chief operating officer of the bank’s Caymans arm, added: “Bermuda and the Cayman Islands are Butterfield’s two largest markets and longest-served communities.

“Over the past 12 months we have enhanced our presence through the acquisition of select personal and corporate banking business from HSBC in Cayman and the announcement of our planned acquisition of the private banking investment management and trust business of HSBC in Bermuda.

“We believe that our demonstrated commitment to Bermuda and Cayman, the expertise and professionalism of our people and the substantial progress we have made in building sustainable shareholder value are among the key reasons that Butterfield has again been named bank of the year.”

The accolade joins Global Finance’s best bank in Bermuda for 2015, best private bank in Bermuda for 2015 by the same publication and PWM/The Banker best private bank 2015.

In addition, Butterfield Trust was named 2015 trust company of the year at the 10th annual Society of Trust and Estate Practitioners (STEP) private client awards.