Butterfield Bank has been named Bermuda’s Bank of the Year by international banking industry magazine The Banker.

Butterfield also scooped the same award in the Cayman Islands.

The Banker, an FT publication, is a highly regarded UK-based publication that each year selects banks in over 100 countries to receive their Bank of the Year awards. In making their selections, The Banker’s global editorial team considers not only a bank’s financial performance, but also strategic initiatives, innovative use of technology and service delivery channels. A full listing of Bank of the Year 2013 award winners will be published in the December edition of The Banker.

Brendan McDonagh, Butterfield’s chairman and chief executive officer, said: “We are honoured to have been named Bank of the Year in our two largest markets by The Banker. The magazine is an international authority on banking and the awards programme is highly respected within the industry.

“Butterfield was recognised in Bermuda and Cayman for our strong financial performance against a backdrop of ongoing economic challenges in those jurisdictions, our continued efforts to restore and enhance shareholder value, and the new products and services we successfully brought to the market during the year.”

Michael Collins, Butterfield’s senior executive vice president, Bermuda, said: “This is the first time in several years that The Banker has recognised Butterfield as its Bank of the Year in Bermuda — a period during which the Bank has gone through significant changes.

“The fact that Butterfield has been named Bank of the Year reflects that the changes we have made are now paying dividends in terms of profitability, product development and customer service. I want to take this opportunity to thank all of our employees for their hard work and dedication to customer care. This award belongs to each and every one of them.”

Conor O’Dea, Butterfield’s senior executive vice-president, International Banking and managing director of Butterfield Bank (Cayman) Ltd, said: “Cayman Islands consumers are well-served by a relatively large number of local and international banks, so The Banker’s recognition of Butterfield as Cayman’s Bank of the Year 2013 is a significant accomplishment that reflects our strong financial results and the exciting new services and products we’ve introduced during the last 12 months, including the enhancement of our electronic banking services and the introduction of a suite of credit cards featuring airline rewards. I would like to thank all of our employees, customers and partners in the community for the part they have played in helping Butterfield achieve those milestones.”

In addition to The Banker’s Bank of the Year awards, Butterfield was most recently recognised in Euromoney’s 2012 Global Private Banking Survey for having the Best Private Banking Services Overall (first in Bermuda, eighth in the Caribbean), Best Relationship Management (first in Bermuda and Cayman), Best Range of

Investment Products (first in Bermuda) and Best Net-Worth-Specific Services for Super-Affluent Clientele (first in Cayman).