Butterfield Trust (Singapore) Ltd. and Butterfield Corporate Services (Singapore) Pte. Ltd. "will offer a variety of fiduciary and administrative services in this major regional financial centre,'' the bank said.

Both new companies are wholly-owned subsidiaries of the bank.

Under new Singapore Monetary Authority requirements, the bank was required to set up the two subsidiaries, said Bank of Butterfield executive vice president, banking, Mr. Colin Furr.

Prior to the recent change, trust and corporate services companies could be set up under the trust banner, he said.

"We have been looking at Singapore for some time,'' he said. "The Asia Pacific area is of interest to the growth and development of the bank.'' The bank's commitment to its Hong Kong operations remains, he added.

The new trust and corporate services subsidiaries will operate similar to the bank's other subsidiaries, said Mr. Furr.

The bank also has subsidiaries in Grand Cayman, Guernsey, Hong Kong and the UK.

"Bank of Butterfield is pleased to announce these latest additions to our international franchise and we look forward to expanding the services which we are able to offer in the booming Asia Pacific region,'' said bank executive vice president, international, Mr. Stephen Kempe.