The Bank of Butterfield is to look at listing its shares in either the US or the UK, as well as Bermuda.

Butterfield chairman and CEO Brendan McDonagh said that after the buy-back of shares from Canadian bank CIBC earlier this year the bank was looking to its next stage of development.

“Butterfield believes that an international listing could introduce broader liquidity into the share register and facilitate access to a wider pool of international investors,” said the bank in a statement.

But Mr McDonagh said that the bank was only undertaking an exploration, and that there was no guarantee that would result in a listing on an overseas stock exchange in the near future.

A spokesman for the Bermuda Stock Exchange (BSX) said it had been “a valuable and ongoing partner” to the bank.

“We recognise and support Butterfield as it begins to evaluate its options and considers plans that are in the best interests of all of its shareholders,” said the spokesman.

“There are numerous companies listed on the BSX that have listings on other exchanges as part of their strategic plans to diversify their shareholder bases or for other financial reasons.

“As a key stakeholder in the Bermuda economy and longest and largest listed issuer on the BSX, we are confident that the Butterfield’s management will continue to recognise the capital market support provided by the BSX in the domestic capital market.”