Butterfield Bank has changed its brand identity by updating the mythical sea dragon design that appears on its documents, marketing material, signs and other items.

There has also been a change in the colours of the design and a modernising of the Butterfield typography.

It is expected that it will take well into 2020 for the complete conversion of all Butterfield materials, signs and online sites to the new branding

The bank said the mythical sea dragon, a wyvern, represents protection and valour and has been part of the Butterfield’s corporate identity for more than 60 years. It has its origins in heraldry. A wyvern sits atop the coat of arms of the Butterfield family who established the Bank in Bermuda in 1858.

It said the bank’s new corporate colours — deep blue and warm grey — are symbolic of sea and land, and reference the island locations where Butterfield has its major operations. The line work in the updated wyvern design is said to be evocative of ocean waves, while the colours and forms of the new marque form “a distinctive identity that reflects Butterfield’s status as the world’s leading, independent offshore bank and trust company”.

Michael Collins, chairman and chief executive officer, said: “The last few years have been a period of strategic growth and change for Butterfield.

“We have expanded our global footprint by establishing offices in Canada, Mauritius, Singapore and Jersey, and we now have operations in ten international locations.

“Following our public offering on the New York Stock Exchange in 2016, our shareholder base is now also global.

“We, therefore, felt the time was right for Butterfield to update our brand identity to reflect the Bank’s evolution and its unique place in the world of finance, while honouring our heritage as a 161-year old island bank.”

The new brand identity will be adopted by all Butterfield businesses in all markets. To minimise waste, the changeover from the previous marque will be phased in over several months. Clients will begin to see the new brand identity on select marketing materials in the coming weeks.