# Butterfield: the offshore triangle's bank with a trust core

> Butterfield — Bermuda's first bank with a NYSE listing: booking in Bermuda, Cayman and the islands, trusts across six jurisdictions, the $1.8bn CIBC Caribbean deal and thin deposit protection.

Last modified: 2026-10-19T00:00:00.000Z
Canonical: https://wiki.private.law/en/butterfield
Publisher: wiki.private.law (https://wiki.private.law)
Version: 4e2ad0427134418436660c884b5f5463afe6c31bd0cd5909f984c6e88af0b45e
Cite as: Butterfield: the offshore triangle's bank with a trust core. wiki.private.law. https://wiki.private.law/en/butterfield. Version 4e2ad0427134418436660c884b5f5463afe6c31bd0cd5909f984c6e88af0b45e.
Topics: banking
Jurisdictions: bermuda, cayman, guernsey, jersey, uk, singapore, switzerland, bahamas
Functional tags: private-banking
Product tags: bank, wealth-planning, investment, custody, lombard-credit, trust
Semantic tags: private-banking, bank, wealth-planning, investment, custody, lombard-credit, trust

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## Concept

**Butterfield** — The Bank of N.T. Butterfield & Son Limited, Bermuda's first bank (1858) and the private bank of the Bermuda–Cayman–Channel Islands offshore triangle. **Type**: a public offshore bank dual-listed on the NYSE (NTB) and the Bermuda Stock Exchange; the chairman and CEO is Michael Collins (since 2015). Ratings: Moody's A2 (upgraded December 2025), S&P BBB+, KBRA A+. In May 2026 it signed the [agreement to acquire 91.67% of CIBC Caribbean for $1.794bn](https://www.morningstar.com/news/business-wire/20260528619464/butterfield-announces-agreement-to-acquire-control-of-cibc-caribbean-in-18-billion-transaction) — closing is expected in H1 2027 and would nearly double the group.

## History and evolution

Trading roots date to 1784; the bank itself to 1858, Bermuda's first; Cayman since 1967, Guernsey since 1973. Modern scale came through acquisitions: HSBC's Bermuda trust unit (2016), Deutsche Bank's non-US Global Trust Solutions (2018), [ABN AMRO (Channel Islands)](https://www.butterfieldgroup.com/insights-news/news/butterfield-acquire-deutsche-banks-banking-and-custody-business-cayman-islands) (2019, £160.7m), Credit Suisse's trust businesses in Guernsey, Singapore and the Bahamas (2023, ~$24bn of assets under administration), Rawlinson & Hunter Guernsey (April 2026, $42.8m). In June 2024 the Jersey entity was folded into a branch of the Guernsey bank.

2025 results: [net income of $231.9m](https://www.sec.gov/Archives/edgar/data/1653242/000165324226000003/currentearningsrelease.htm), deposits of $12.7bn, trust assets under administration of $134.7bn; a 27.8% total capital ratio; 1,315 staff.

> 🍓 Deposit protection by entity: Bermuda — a local scheme of just BD$25,000 and only on Bermuda-dollar deposits; Cayman — no scheme; Guernsey — DCS £50,000; Jersey — JDCS £50,000. London's Butterfield Mortgages takes no deposits (outside the FSCS). Custody securities remain the client's property.

## Regulation

- **BMA** — the parent bank and the Bermuda trust/asset-management entities;
- **CIMA** — Butterfield Bank (Cayman) Limited (a Category A licence; systemically important since 2025);
- **GFSC / JFSC** — Butterfield Bank (Channel Islands) Limited and its Jersey branch;
- **FCA** — Butterfield Mortgages Limited (London, mortgages only);
- **MAS** — Butterfield Trust (Asia) Limited (trusts); **SO-FIT/FINMA** — Butterfield Trust (Switzerland) (trustee licence since 2024); **Central Bank of The Bahamas** — Butterfield Trust (Bahamas).
## Source of funds and compliance

The offshore-centre standard applies: a full [source-of-funds and source-of-wealth](https://wiki.private.law/source-of-funds) file, CRS/FATCA; in Cayman non-residents pay an annual KYD 250 compliance fee. Dated episode: the US DOJ non-prosecution agreement in the cross-border tax investigation ran its three-year term and [concluded in July 2024](https://www.sec.gov/Archives/edgar/data/1653242/000165324226000006/ntb-20251231.htm) with $5.6m of forfeiture/restitution. No fresh CIMA/GFSC/JFSC enforcement was identified.

> 💡 Prepare the source-of-wealth file in advance: sale of a business, dividends, inheritance. The mechanics are covered in the guide on [documenting source of funds](https://wiki.private.law/source-of-funds).

## Who it serves

- **residents and non-residents of the offshore centres**: no published minimum; per industry data, Guernsey non-resident accounts start around €250,000 (unofficial);
- **trust structures** — the historic core: six trust jurisdictions after the Credit Suisse and Rawlinson & Hunter purchases;
- **property owners** — Bermuda/Cayman mortgages and prime-central-London lending (via Butterfield Mortgages);
- **Caribbean wealthy families** — the CIBC Caribbean deal (closing expected H1 2027) adds 19 jurisdictions.
## Services

### Banking

- deposits, payments, FX and lending across Bermuda, Cayman and the islands;
- mortgages: 71% of the loan book is full-recourse residential property; prime London via the dedicated entity.
### Trusts

- trust, fiduciary and company-administration services across six jurisdictions — $135+bn under administration;
- estate structuring together with the trust entities.
### Wealth management

- asset management (68% in Bermuda) and custody; [portfolio-backed lending](https://wiki.private.law/lombard-lending) within private banking.
## Entities and booking centres

| Jurisdiction | Legal entity | Format and supervisor | Role for the client |
| --- | --- | --- | --- |
| Bermuda | The Bank of N.T. Butterfield & Son Limited | parent bank, BMA | booking centre and home market |
| Cayman | Butterfield Bank (Cayman) Limited | Category A bank, CIMA; systemically important | booking centre (domestic and international) |
| Guernsey / Jersey | Butterfield Bank (Channel Islands) Limited (+ the Jersey branch) | bank, GFSC/JFSC | non-resident booking and trusts |
| UK | Butterfield Mortgages Limited, London | FCA, mortgages only | prime London mortgages |
| Singapore / Switzerland / Bahamas | trust companies | MAS / SO-FIT-FINMA / Central Bank of The Bahamas | trust services without banking booking |

Mauritius and Halifax (Canada) are service centres without client booking; there is no Isle of Man entity.

## Strengths

- the only full bank of the Bermuda–Cayman–islands trio with a NYSE listing;
- a trust core across six jurisdictions after the Credit Suisse and Rawlinson & Hunter integrations;
- high capitalisation (27.8%) and the upgraded Moody's A2 rating;
- the CIBC Caribbean deal will add Caribbean scale (expected H1 2027).
## Where it does not fit

- clients sensitive to thin deposit protection: Bermuda offers only BD$25,000, Cayman none;
- those needing booking in the EU or Asia — no banking points there (trusts only);
- fortunes without offshore logic — the model is built on non-residents and structures;
- clients who want a published entry threshold — there is none.
Butterfield is the offshore triangle's bank with a trust core and a New York listing; on the horizon are near-doubling via CIBC Caribbean and the question of thin local deposit protection.

## Q/A

### Entry and geography

### What minimum capital does Butterfield require?

The bank publishes no official minimum: private banking targets resident and non-resident HNW/UHNW clients under agreed deposit or loan thresholds. Per industry data, Guernsey non-resident accounts start around €250,000; in Cayman non-residents pay an annual KYD 250 compliance fee.

### What will the CIBC Caribbean purchase bring?

The May 2026 agreement: $1.794bn for 91.67% of CIBC Caribbean; closing is expected in H1 2027. The group would become ~$29bn of assets and $25+bn of deposits across 19 jurisdictions; CIBC would take ~22% and two board seats. For clients it means wider Caribbean coverage; the deal is not yet closed.

### What does the deposit guarantee cover?

Bermuda — BD$25,000 and Bermuda-dollar deposits only; Cayman — no scheme; Guernsey and Jersey — £50,000 each. The London entity takes no deposits. Custody securities remain the client's property.

### Structure

### How did the US DOJ matter end?

The non-prosecution agreement in the cross-border tax investigation was performed: the three-year term concluded in July 2024 with $5.6m of forfeiture and restitution. The matter is closed.

### Did Butterfield buy a Credit Suisse business?

Partly: in 2023 it completed the purchase of Credit Suisse's trust businesses in Guernsey, Singapore and the Bahamas (~560 clients, ~$24bn under administration). Those are trusts, not banking books; Deutsche Bank's island and Cayman banking-and-custody business was bought earlier, in 2018–2019.

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