Wednesday, March 24, 2004

Bmda: Banking expansion for Bermuda

Bank of Bermuda CEO Philip Butterfield said the Island could see further expansion of its banking sector – but it would not be a "free for all".

Mr. Butterfield, during a speech last week at the Financial Planning Association of Bermuda's winter meeting, said Government would call the shots but he would expect to see further expansion of the sector following the bank's sale last month to multinational banking giant HSBC Plc.

The bank's sale, after 115 years of independence, to a foreign bank – the first time in Bermuda's history that such a transaction had taken place – was welcomed by Government as being in line with its stated intention to carefully open up the sector.

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