The Bank of Bermuda is the best bank on the Island, according to the The Banker Country Awards 2007.

The bank was awarded the Banker's Bank Of The Year Country Award for Bermuda in recognition of its overall performance, judged by The Banker magazine's global editorial team based on analysis of the latest results and performance data.

The report said the Bank of Bermuda has taken a holistic approach to business, employment and the community, setting it apart from its competitors, while it reckons supporting Bermuda's economic growth and strong financial future is a cornerstone of the bank's strategy.

The group repositioned HSBC Investments Bermuda to serve the needs of the local reinsurance and captive insurance companies, and provide access to the global investment capabilities from its HSBC parent company, as well as being awarded three lead arranger mandates in significant financing for Class 4 companies, it continued.

According to the report, the bank donated one percent of its annual net income to the local community and introduced a scheme that gives staff one day off for voluntary work in three community projects, namely environment, education and housing. It also supported five state schools through its Partner in Leadership Programme, assisting various education schemes such as library renovation and purchasing of books.

And it partnered with the Bermuda Institute of Ocean Sciences to buy of a new research vessel focusing on the conservation of land and water-based ecosystems, habitats and wildlife conservation.

"Bank of Bermuda strives to be the leading financial services provider in Bermuda by understanding the needs of our customers and delivering solutions which meet and exceed their expectations," said chief executive Philip Butterfield.

"Winning The Banker's award is a direct reflection of our success in executing this strategy. In the year ahead, we will continue to focus on providing innovative products and quality services to our customers, support the growth and development of our staff and remain steadfast in our commitment to giving back to the community in which we operate."