Butterfield Bank has received accolades from Euromoney magazine, a publication geared to the wholesale financial world, its institutions and its users.

The magazine honoured Butterfield Bank with two 'Awards of Excellence', naming it 'Best Private Bank' in both the Caribbean and Bermuda.

The awards mark the first time the bank has won a 'Best in Region' category from the magazine, although it was recognised in 2006 and 2007 as 'Best Bank in Bermuda'.

Published in the UK, Euromoney boasts an average circulation of 145,000 readers around the world. Its 'Awards of Excellence' are globally recognised benchmarks in the banking industry. The awards highlight superior products and services across all areas of commercial and investment banking, regionally and globally. A panel of Euromoney editors chooses the winners, with assistance from correspondents in each region.

"We are very pleased that Euromoney has recognised Butterfield Bank as the 'Best Local Private Bank' in the Caribbean and the 'Best Local Private Bank in Bermuda'," said bank president and CEO Alan Thompson.

"Private banking has become an increasingly important part of our business strategy and we have worked hard to continuously improve our services, products and performance in this area. Everyone at Butterfield Bank can feel proud of these awards."

Butterfield Bank offers private banking services in key island jurisdictions, namely Bermuda, the Bahamas and the Cayman Islands. It also offers services to high net worth customers in Barbados. The institution also provides private banking and wealth management services from offices in London, Guernsey, Zurich and Hong Kong.

"I trust this is a great way to close a year of outstanding achievements for the Bank," said Euromoney senior manager Soledad Contreras.