Butterfield Bank has been named Best Developed Market Bank 2009 for Bermuda by Global Finance magazine. This is the fifth consecutive year the bank has won an award from Global Finance.

Other 2009 winners in the North America category are Scotiabank (for Canada) and JPMorgan Chase (for the US). In selecting the winners, the editors of Global Finance considered criteria including growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products, taking into account the opinions of equity analysts, credit rating analysts and other industry experts. Joseph Giarraputo, Global Finance's publisher, said: "We recognise these banks for their outstanding accomplishments. Global financial markets are extremely difficult, and conditions in each market may have differed, but the winning banks were all noteworthy in their dedication to satisfying their customers' needs."

The award comes after the bank announced earlier this month a $200 million Government-guaranteed capital raise to ensure it had the capital to deal with a severe economic downturn.

Alan Thompson, president and CEO of Butterfield Bank, said: "We are very pleased to have been named the Best Developed Market Bank in Bermuda by Global Finance for the fifth consecutive year.

"Being given such an international accolade, particularly in these extremely challenging times, reaffirms the excellence of our employees, to whom we dedicate this award."