The Bank of Butterfield today announced that it had acquired the Mutual Bank of The Caribbean Inc., a Barbados retail bank, from its majority shareholder, Sagicor Financial Corporation, and its minority shareholders.

This is Bank of Butterfield?s third acquisition since late August.

?This transaction is a significant milestone in the strategic development of Bank of Butterfield,? said Graham Brooks, Executive Vice President, International & Trust, Bank of Butterfield, in a statement announcing the acquisition. ?It is consistent with our strategy to expand into markets where we can successfully deliver our core products and services.?

The Mutual Bank was established in March 1993 as the first indigenous private sector bank in Barbados. Headquartered in Bridgetown with three additional branches, it has 115 employees. As at 31 December 2002, The Mutual Bank had assets of $125 million dollars.

Bank of Butterfield President & CEO, Alan Thompson said in the statement: ?This transaction has accomplished a strategic goal for the Bank, allowing for deeper market penetration in the Caribbean region. The Mutual Bank is a well run organisation that has built a strong foundation of customer service and community commitment. We look forward to working with our new colleagues and helping them continue to provide quality services to meet customers? financial needs. In time, customers will benefit from a broader range of services, strengthened by new delivery channels.?

The Mutual Bank will be renamed Bank of Butterfield (Barbados) Limited.