The Bank of Butterfield has been named Bermuda’s best bank by a prestige US financial magazine.

Global Finance picked Butterfield for the 2015 honour as part of its world’s best developed market awards.

Butterfield chairman and CEO Brendan McDonagh said: “Global Finance is a widely read and well-respected industry publication and their selection of Butterfield alongside many of the world’s leading banks serves to validate that our approaches to service, product development and balance sheet management are truly world class.”

He added: “Clearly the efforts of our employees and our strategy for growth are delivering solid results and those results are being recognised by financial industry analysts and opinion leaders as well as our clients and shareholders.

“I am proud of our team and the progress we continue to make in building value in the Butterfield brand.”

Global Finance publisher and editorial director, Joseph Giarraputo, added: “The banks that Global Finance is honouring may not be the largest or oldest, but they are the best at targeting their products and offerings to the specific markets they serve.

“These banks have weathered the volatile conditions of the past few years and are primed to take advantage of global conditions as they improve.”

The awards were given after the magazine looked at regional and country winners after consultation with top executives in the financial industry, bankers and analysts.

And a poll of Global Finance’s 50,000 subscribers was also conducted to increase the accuracy and reliability of the results.

The judges looked at factors like banks’ growth in assets, profitability, new business development and innovation as well as the opinions of analysts.

The award is the latest in a string of honours awarded to Butterfield over the last few months.

The Banker gave it Bank of the Year in Bermuda and Cayman, Euromoney gave Butterfield top honours in its private banking survey awards for Cayman and Guernsey.