The deputy managing director of Butterfield Bank’s Cayman operation has stepped up to the top job.

Michael McWatt has taken over as managing director from Conor O’Dea, who has retired from the role.

Michael Collins, CEO of the Butterfield Group, said: “Butterfield’s Cayman Islands operation is one of the group’s largest and has been integral to the group’s success over the years.

“We are pleased that Mike will be leading the Cayman organisation and the community banking businesses in both Bermuda and Cayman as we continue to build upon the strong foundation that has been established in those key markets.

“Mike’s deep knowledge of the international banking sector and his management experience in Bermuda and Cayman, along with his proven leadership skills, have earned him respect among his peers, in the community and with policymakers and I am confident that he is the right person to help lead Butterfield through its next phase of growth.”

Mr O’Dea, now non-executive chairman of Butterfield in Cayman and a non-executive director of the Butterfield Group board, added: “I have worked with Mike for many years and I know that he is committed to the continued development of Butterfield as a leading financial services provider and to ensuring that the bank continues to play a part in supporting the community and promoting the Cayman Islands as a world-class financial centre.”

Mr McWatt, who began his career in Canada, has spent a total of 17 years with Butterfield in Bermuda and Cayman.