Butterfield Bank has been named Bank of the Year by The Banker magazine in both Bermuda and the Cayman Islands.

It was the second consecutive year that the international banking industry publication gave Butterfield the award for both jurisdictions.

The Banker, a Financial Times publication, is a highly regarded UK-based periodical that each year selects banks in over 100 countries to receive their Bank of the Year Awards.

In making their selections, The Banker’s global editorial team considers not only a bank’s financial performance, but also strategic initiatives, innovative use of technology and service delivery channels, and efforts to extend banking services to all parts of the community. A full listing of Bank of the Year 2014 Award winners will be published in the December edition of The Banker.

Brendan McDonagh, Butterfield’s chairman and chief executive officer, said: “We are honoured to once again receive prestigious Bank of the Year Awards in our two largest markets.

“The Banker’s awards programme is widely recognised within our industry and respected as credible and objective, with judging based on a robust set of criteria and a comprehensive review of each bank’s accomplishments. Butterfield was recognised in Bermuda and Cayman for solid financial performance and our continued efforts to enhance customer service and shareholder value.”

Michael Collins, Butterfield’s senior executive vice-president, Bermuda, said: “Receiving The Banker’s Bank of the Year award for Bermuda for the second consecutive year validates that the improvements Butterfield has made to our balance sheet, operating procedures and products have had a positive, lasting influence on financial performance, customer service and our reputation in the community.

“I thank all of our employees for their dedication to the bank and our customers, and the roles they have played in earning Butterfield this prestigious level of recognition.”

Conor O’Dea, Butterfield’s senior executive vice-president, International Banking and Managing Director of Butterfield Bank (Cayman) Ltd, said: “For over 40 years, Butterfield has been working to provide world-class banking and wealth management services to the people of the Cayman Islands and to secure our place as a leading community bank and the first choice among Caymanian consumers. “The recent acquisition of the community and corporate banking business of HSBC was another important milestone on that journey, and one of the key reasons we have again been recognised by The Banker as Cayman’s Bank of the Year.”