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Banks to reopen on Monday

HSBC Bank Bermuda Ltd, Butterfield Bank and Clarien Bank will be open as usual tomorrow. In a statement, HSBC Bermuda said that “all employees are requested to come into work. If you are unable to do so, please let your manager know as soon as possib...
Oct 19, 2014
Other

EY experts: Fatca is only the start

Banks are expecting more countries to require them to send details of their citizens’ overseas accounts. The US Fatca regulations, which took effect in July this year, require financial institutions in participating countries such as Bermuda to feed ...
Sep 29, 2014
Other

More data harnessing needed, bank CEOs agree

The Bermuda banking industry is at the infancy stage with regards to warehousing data on customer needs and behaviours, a KPMG banking survey has reported. The survey noted that chief executive officers (CEO) of Bermuda’s banks were aware that the in...
Jul 21, 2014
Other

Profits, ROE will fall, say bankers

Bermuda bankers are pessimistic about maintaining historic levels of profitability and return on equity in a market of weak demand, low interest rates, increased capital costs and increased capital requirements. But they have opted for a strong defen...
Jul 19, 2014
Other

KPMG report: Banks remain profitable despite struggling economy

Clarien remained the most heavily invested of Bermuda’s banks in loans to customers at 77 percent of assets, according to the 2014 KPMG in Bermuda Banking Survey, which is out today. The report contains the results of KPMG’s annual survey and analysi...
Jul 17, 2014
Other

S&P sees credit losses piling up for Island’s banks

A rating agency brought the hammer down on Bermuda’s banking sector yesterday with a bad report card citing projected credit losses of more than a billion dollars, for a period not ending for another two years. Standard & Poor’s took various ratings ...
Jul 02, 2014
Other

AG ups the stakes in US tax crackdown

NEW JERSEY, GENEVA (Bloomberg) — Thirteen Swiss banks face rising stakes in their own criminal inquiries after Credit Suisse Group AG set a new standard for punishment in the US crackdown on offshore tax evasion. Julius Baer Group Ltd., Zuercher Kant...
May 27, 2014
Letters to the Editor

Put the banks under price control

March 31, 2014 Dear Sir; I am writing concerning the bank service charges that are being levied on the public. It was interesting to hear the Minister of Finance rail against the banks in his Budget presentation, and I am now beginning to believe the...
Apr 02, 2014
Economy

Island bankers take note of Finance Minister’s broadside

Bankers have declined an opportunity to reply to an attack by Finance Minister Bob Richards on their lending and interest policies as a drag on Bermuda’s recovery from recession. Bermuda Bankers’ Association chief Brendan McDonagh, the chairman and C...
Feb 25, 2014
Other

Banking system must change — Richards

Bermuda’s banks are a drag on the Island’s recovery from recession, Finance Minister Bob Richards said. And he said the sector’s get-tough policy on lending and tiny deposit interest rates were “at odds with Bermuda’s national interests” — and added ...
Feb 22, 2014
Letters to the Editor

Banks’ bad practices

January 29, 2014 Dear Sir I read with interest your article in yesterday’s RG concerning ‘non performing loans’. Do you recall, Mr Editor, not so long ago local banks were offering 100 percent loans to persons who couldn’t afford a mortgage in the fi...
Jan 30, 2014
Other

Non-performing loans still rising

Cash-strapped Bermudians are struggling to pay back loans, the latest figures from the Bermuda Monetary Authority (BMA) reveal. The number of loans classed as “non-performing” by the island’s financial watchdog is continuing to rise. A BMA report sai...
Jan 27, 2014
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