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Banking in Bermuda

HSBC Bank Bermuda

HSBC Bermuda is the successor to the Bank of Bermuda and a leading provider of financial services in Bermuda, serving individuals, institutions and corporations locally and globally.  Customers of HSBC Bermuda also benefit from the bank's connection to the HSBC Group, one of the largest multinational banking companies in the world.  The home office is located at 37 Front Street in Hamilton with branches also located in Hamilton, Somerset and St. George's.  

Further information can be found at  

Bank of NT Butterfield

The Butterfield Group offers a full range of community banking services in Bermuda and the

Cayman Islands, encompassing retail and corporate banking and treasury activities. In the wealth

management area, the group provides private banking, asset management and personal trust services

from its headquarters in Bermuda and subsidiary offices in The Bahamas, the Cayman Islands,

Guernsey, Switzerland and the United Kingdom. Butterfield also provides services to corporate and

institutional clients from offices in Bermuda, The Bahamas, the Cayman Islands and Guernsey, which

include asset management and corporate trust services. Butterfield is a publicly traded corporation with

shares listed on the Bermuda stock exchange. The Bank’s share price is also

available on Bloomberg Financial Markets (symbol: NTB).  

Further information can be found at

Clarien Bank Ltd

Clarien (formerly Capital G Bank) claims deep roots in Bermuda. Its founding family ties stretch back to the first decade of island colonisation in the seventeenth century. During the past one hundred years, Clarien's founding family distinguished itself in business and public service while growing the bank as part of an evolving multinational enterprise.

Today, Clarien is one of Bermuda’s largest independent integrated financial services organisations, proud of more than eighty years of respected banking service to Bermudian and international clients. Hailing from the most senior executive levels in the world’s leading financial institutions, our influential leadership team features deep international experience in asset management, wealth management, and investment banking.

Further information can be found at

Bermuda Commercial Bank

Bermuda Commercial Bank is Bermuda’s only bank dedicated solely to the needs of commercial, corporate and high net-worth clients.

This precisely tailored focus — coupled with highly personalised service from our always accessible staff — are the signature qualities that set us apart from the crowd.

Personal attention is the hallmark of the BCB approach.

Each client is assigned a dedicated administrator, ensuring a level of individual care and personal accountability simply not possible with other institutions.

We offer a full array of banking solutions, including private banking and wealth management, business banking, corporate administration, global custody and brokerage, estate planning and trust administration.

We regard client relationships as gainful collaborations, making it our business to understand their businesses, challenges and needs.

Clients will always speak directly to staff — and our most senior staff are always available to enhance our clients’ profitability, save them time and provide the premier service clients demand.  

Further information can be found at

Bermuda Monetary Authority (BMA)

  The Bermuda Monetary Authority (the Authority or BMA) regulates Bermuda's financial services sector.

The Authority was established by statute in 1969. Its role has evolved over the years to meet changing needs in the financial services sector. Today it supervises, regulates and inspects financial institutions operating in the jurisdiction. It also issues Bermuda’s national currency, manages exchange control transactions, assists other authorities with the detection and prevention of financial crime, and advises Government on banking and other financial and monetary matters.

The Authority develops risk-based financial regulations that it applies to the supervision of Bermuda’s banks, trust companies, investment businesses, investment funds, fund administrators, money service businesses, corporate service providers and insurance companies. It also regulates the Bermuda Stock Exchange.​  

The BMA is the jurisdiction's sole financial sector (banks, insurance, asset management, trust, corporate services and money transmitters) regulator and prudential supervisor.

Less than a two-hour flight from New York, Bermuda fosters a collaborative business culture that sees government, industry and regulators working together for the jurisdiction’s commercial success. That history has created a highly respected and successful financial centre recognised for worldwide standards of compliance, regulation, transparency and infrastructure. With over 100 tax-treaty partners around the world, Bermuda is rated a first-class domicile by the Organisation for Economic Cooperation and Development (OECD).

Top global service-providers have created a workforce of experienced, internationally trained and qualified professionals. Notably, the island is the world’s largest captive domicile, one of the top three reinsurance centres, and the leading market for property catastrophe insurance and insurance-linked securities.

Bermuda is globally respected for its leadership and proven record on compliance and transparency. The jurisdiction has more than 90 treaty partnerships with nations around the world. In 2016, the European Union awarded Bermuda full equivalence with Europe’s Solvency II insurance regulatory regime.  Bermuda's Banks are the only banks in the region to have adopted Basel III capital and liquidity requirements.

Bermuda is a centre for funds, trusts, HNWI offices, shipping, aviation and new ventures. Asset management, trust and private client business, family-office structures, shipping and aviation companies and related registries—plus new ventures such as tech start-ups and biomed companies—contribute to its economy.

Bermuda is a highly collaborative jurisdiction. Industry, government and regulators work closely together to facilitate speed to market and innovative, expeditious resolution of client issues.

Facts about Bermuda

Whilst the BBA has been in active operation for at least 10 years, it was decided in 2018 to strengthen the organization so it can speak with a more cohesive voice on regulatory matters, identify, coordinate and provide training to member bank personnel and better coordinate the activities conducted within the BBA subcommittees.  In furtherance of this mandate, a full time executive was recruited to lead the BBA in these efforts and is now leading the effort to make the BBA a more impactful voice for Bermuda's banking sector and for the Bermuda jurisdiction.

About the BBA

Head of Potatoes, The Internet

BBA Initiatives

In 2019, look for the following:

  1. BBA Position Papers
  2. BBA Responses to BMA Consultation Requests
  3. 2018 Economic Impact Analysis
  4. Updates on Bermuda's Adoption of Digital Asset Business
  5. News Articles Impacting the Bermuda Banking Sector
  6. Updates on the Bermuda Deposit Insurance Corporation
  7. Recommended Actions from the 2018 Financial Action Task Force review of Bermuda's Anti-Money Laundering Program

Hugh Canduit

What the BBA will be doing in 2019