Flag of Bermuda>

Economy and Banking Sector of Bermuda

Major Banks of Bermuda

Rank
1
Total Assets
13,921.60 mln USD  (+29.22%)
Market Share
58.11 %
Rank
2
Total Assets
8,378.31 mln USD  (+3.73%)
Market Share
34.97 %

#1: The Bank of N T Butterfield & Son Limited

The Bank of Butterfield & Son is a universal community bank encompassing retail and corporate banking and treasury activities and a provider of specialised international financial services. In the wealth management area, the bank provides private banking, asset management and personal trust services. Butterfield also provides services to corporate and institutional clients which include asset management and corporate trust services.

Services
retail banking
private banking
wealth management
business banking
corporate banking
institutional banking
Clients
natural persons
high net worth individuals
companies
corporations
institutions
Area Served
BMBermuda
internationally
Products
current accounts
debit cards
credit cards
savings accounts
time deposit accounts
consumer loans
mortgage loans

The Bank of N T Butterfield & Son Limited is the 1st largest bank in Bermuda in terms of total assets. In 2019 its total assets were 13 921,60 mln USD, providing the bank with the market share of 58.11%. In 2019 the bank's net income was 177,10 mln USD.

The Bank of N T Butterfield & Son Limited is rated by Fitch, Moody's. Long-term credit rating assigned to the bank by Fitch is BBB (good credit quality). Long-term credit rating assigned to the bank by Moody's is A2 (upper medium grade). The Bank of N T Butterfield & Son Limited participates in the deposit guarantee scheme of Bermuda. This scheme covers accounts up to 25,000 USD per bank per depositor.

#2: HSBC Bank Bermuda Limited

HSBC is a global financial services provider, serving customers in wealth and personal banking, commercial banking, and global banking and markets. HSBC Bermuda is a provider of financial services in Bermuda, serving individuals, institutions and corporations locally and globally.

Services
retail banking
business banking
corporate banking
Clients
natural persons
companies
corporations
Area Served
BMBermuda
internationally
Products
current accounts
debit cards
credit cards
savings accounts
time deposit accounts
consumer loans
mortgage loans

HSBC Bank Bermuda Limited is the 2nd largest bank in Bermuda in terms of total assets. In 2019 its total assets were 8 378,31 mln USD, providing the bank with the market share of 34.97%. In 2019 the bank's net income was 142,75 mln USD.

HSBC Bank Bermuda Limited participates in the deposit guarantee scheme of Bermuda. This scheme covers accounts up to 25,000 USD per bank per depositor.

See Also