Butterfield Bank has been crowned Best Developed Market Bank 2008 for Bermuda by Global Finance magazine.

This is the fourth consecutive year the bank has won an award from Global Finance.

It follows the Euromoney awards for Best Private Bank in Bermuda and the Caribbean region that were presented back in January.

As part of its annual awards, Global Finance names "Best Banks" in several developed countries across North America, Europe and the Asia Pacific/Middle East regions. Bermuda is included in the North American category.

Other 2008 winners in this category are RBC (for Canada) and JPMorgan Chase (for the US).

In selecting the winners, the editors of Global Finance considered criteria including growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products.

Analysis of these factors, along with subjective criteria, such as the opinions of equity analysts, credit rating analysts and other industry experts, yields a list of award winners that are, according to the magazine, "not necessarily the largest, oldest or most diversified in their respective markets, but rather the best".

Joseph Giarraputo, Global Finance's publisher, said: "We recognise these banks for their outstanding accomplishments…global financial markets are difficult, and conditions in each market may have differed, but the winning banks were all noteworthy in their dedication to satisfying their customers' needs."

Alan Thompson, president & CEO of Butterfield Bank, said: "We are very pleased to have been named the Best Developed Market Bank in Bermuda by Global Finance for the fourth consecutive year.

"This award is one of a string of accolades we've received from prestigious international publications over the last few years.

"It indicates that, as we celebrate our 150th anniversary in 2008, we're the strongest we've ever been as an organisation.

"We continue to do a good job delivering on the things that our shareholders and customers value; and for that, I express thanks to our employees."

Global Finance will publish a full report on 2008's Best Developed Market Banks in its April edition.