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Vision Statement 

The BBA seeks to keep the people of Bermuda and its global clientele apprised of all information relevant to licensed banks operating in the Bermuda jurisdiction.

Our Members

          • HSBC Bank Bermuda Limited
          • Bank of NT Butterfield
          • Clarien Bank Limited
          • Bermuda Commercial Bank

About Us

Whilst the Bermuda Bankers Association (BBA) has been in active operation for at least 10 years, it was decided in 2018 to strengthen the organisation 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.

Our Executive Committee

Stephen Banner, CEO - HSBC Bank Bermuda Limited

Steve was appointed as HSBC Bermuda’s chief executive officer effective 12 November 2018. He has been with HSBC since 1991 and has worked for the HSBC Group in 10 different countries prior to Bermuda, most recently as CEO of HSBC Greece from 2014–2018.

In his capacity as chief executive officer, Steve has management oversight and responsibility for all lines of business and functions within the Bank and leads the executive management committee in setting strategic direction for the bank.

Steve has extensive experience in business leadership, strategy development/execution, risk management, corporate banking, personal financial services, and corporate governance.

Mr. Banner holds a BA (Hons.) in Business Studies from the University of Sheffield, UK and qualified as an Associate of the Chartered Institute of Bankers.

Michael Collins, CEO - Butterfield Bank 

Michael was named chief executive officer for the Bank of N.T. Butterfield & Son Limited in September 2015 and Chairman in July 2017.

He was previously senior executive vice president with overall responsibility for all of Butterfield’s client businesses in Bermuda, including corporate, private and retail banking, as well as the operations, custody and marketing functions in Bermuda and the Cayman Islands.

Michael has 25 years’ experience in financial services, having held progressively senior positions, at Morgan Guaranty Trust Company in New York and later Bank of

Bermuda and HSBC in Bermuda. Before joining Butterfield in 2009, Mr. Collins was the chief operating officer at HSBC Bank Bermuda. Michael holds a BA in Economics from Brown University.

Ian Truran, CEO - Clarien Bank Limited, and ExCo Chairman 2021

Ian serves as chief executive officer of Clarien Bank Limited, having been previously appointed president and CEO of Capital G Bank in May 2010, prior to the bank’s rebranding as Clarien. Ian has worked in the banking industry for more than 25 years, all but five of them in senior management roles.

He joined Capital G Bank in 2001 as senior vice president, head of credit risk management and was subsequently promoted to executive vice president with oversight of branch banking, private banking, personal lending, business banking, and credit risk management and compliance. Before joining Capital G, Ian held senior positions with the Bank of N.T. Butterfield & Son Limited within the credit risk management function, ending as the senior vice president of private banking.

Ian has previously served as an executive member of the Bermuda Chamber of Commerce, a member of the Bermuda Board of Education, the treasurer of the International Charitable Foundation of Bermuda, and is currently the president of the Bermuda Equestrian Federation.

He graduated with a Bachelor of Commerce degree from Dalhousie University in 1992 and obtained a Diploma of Graduation from the Stonier Graduate School of Banking and Wharton Leadership Certificate from The Wharton School, both in 2013.

Hubert Esperon, CEO - Bermuda Commercial Bank

Hubert was named chief executive officer for Bermuda Commercial Bank in September 2016, after a 17-year career at GE Capital in Europe. Hubert has also worked as a senior auditor with Price Waterhouse Coopers and as an analyst with Credit Lyonnais. He is a graduate of the ESSEC Business School in France.

Our Executive Leader

Thomas O’Rourke, CEO - Bermuda Bankers Association

Thomas was hired by the BBA in October 2018 as its first full-time chief executive officer. Thomas began his professional career in 1985 as a field examiner for the Federal Home Loan Bank of Topeka, Kansas. In 1989, he transferred to the Office of Thrift Supervision (OTS) and relocated in May of 1990 to the Northeast Region as a senior examiner.  Thomas retired from his position of Examiner in Charge for the Office of the Comptroller of the Currency in 2013 and commenced a three-year contract at the Bermuda Monetary Authority, where he was in charge of the Bank Supervision Team.  In 2017, Thomas signed on with Oyster Consulting Bermuda and has provided Independent Consulting services in the Bermuda financial sector since that time.

Thomas holds various Masters Degrees in Accounting & Finance, Theology, and Organizational Leadership.  He is also a combat zone military Veteran with several active periods of service in Iraq, Oman, and Qatar from 2002 through 2010, as a member of the New Jersey Air National Guard (USAF).

What the BBA Will Be Doing in 2021

BBA initiatives in 2021 include the following:

  • BBA Training via Web Conferencing
  • BBA Responses to BMA Consultation Requests
  • 2020 BBA Economic Impact Analysis
  • Forums on Economic Development, Local Real Estate, AML Due Diligence, Data Privacy, and Cyber Security.
  • Updates on Bermuda's Adoption of Digital Asset Business
  • Addressing issues impacting the Bermuda Banking Sector
  • Liaison with the Bermuda Deposit Insurance Corporation
  • Serving on the Minister of Finance Economic Advisory Council
  • Adopting the "lessons learned" from the Covid-19 pandemic and taking measures to maintain safe working  conditions
  • Recommended Actions from the 2020 Financial Action Task Force review of Bermuda's Anti-Money Laundering Program
  • Proper alignment of Basel III to the Bermuda banking sector risk profile
  • Supporting efforts to deploy a BMA Conduct Regulatory Regime and the licensing of Restricted Banks in Bermuda, on a level basis with what is expected of our members

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 in the links in our BBA Information section.

Butterfield Group

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 in the links in our BBA Information section.  

Clarien Bank Limited

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 17th Century. During the past 100 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 80 years of respected banking service to Bermudian and international clients. Hailing from the most senior executive levels in the world’s leading financial institutions, their influential leadership team features deep international experience in asset management, wealth management, and investment banking.

Further information can be found in the links in our BBA Information section. 

Bermuda Commercial Bank

Bermuda Commercial Bank (BCB) is Bermuda’s only bank dedicated solely to the needs of commercial, corporate, and high net-worth clients. This precisely tailored focus and their highly personalised service from an always accessible staff are the signature qualities that set them 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.

They 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.

They regard client relationships as gainful collaborations, making it their business to understand their businesses, challenges, and needs. Clients will always speak directly to their staff. Additionally, their most senior staff are always available to enhance their clients’ profitability, save them time, and provide the premier service clients demand.

Further information can be found in the links in our BBA Information section. 

Regulation & Supervision of Our Members

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 the 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.

Facts About Bermuda

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 startups 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.

What We Offer

The following elements comprise the offerings of the banking sector in Bermuda:

Deposits, Funds Access, and Transfers

Bermuda’s banks provide a full suite of deposit products from demand accounts to savings accounts, time deposits, and cash management products. All Bermuda banks offer wire transfers and debit cards to facilitate customer movement of and access to their funds. There is also a local automated clearing house (ACH) to expeditiously post Bermuda dollar transactions between local banks.


Bermuda’s banks provide a full range of retail loans to include residential mortgages, credit cards, personal loans, and commercial loans. Loans are granted solely on the borrower’s creditworthiness, ability to repay, and the value of any related collateral.

Asset Management, Private Wealth, and Trust

Bermuda has long been known as a jurisdiction that provides expert asset management, private wealth management, and trust services. This remains true today and, in fact, Bermuda’s global reach into the Caribbean, Channel Islands, the US, and Europe is stronger than ever and has been further enhanced through the adoption of global reporting standards.

Branches, ATMs, and Debit Cards

Bermuda’s banks provide a network of branches covering Hamilton, St. George’s, Somerset, and Paget Plaza. There is also a widespread network of ATMs throughout the island with the majority of the machines located in Hamilton.

Other areas with widespread ATM coverage are grocery stores, gas stations, and the airport. Most Bermuda merchants accept local debit and credit cards as well as US and other internationally issued cards.

Our Partner Organizations

The BBA is proud to be a member of the Bermuda financial community and is in active partnership with the

  • Bermuda Business Development Agency (BDA),
  • The Association of Bermuda Insurers and Reinsurers (ABIR),
  • The Bermuda Chamber of Commerce (BCC).

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