Butterfield Bank, on 1 Town Square, St. George’s, has a new vice president for retail business development manager — Jamaican Paul Elliott.

He worked for Scotia Bank of Jamaica and brings 18 years of banking experience to St. George’s World Heritage Site.

Having moved to Bermuda with his wife and family last October he says he is still learning about the community and truly appreciates our East End, especially our historic town.

Mr. Elliott is trained in commercial lending and financial planning with extensive experience managing retail branches.

“We are delighted to introduce Paul to the St. George’s community,” commented Lloyd Wiggan, senior vice president, retail banking.

“Our branches have important roles as full service financial centres, providing innovative products and services.

“Having someone who can be a solid financial partner and innovator was critical for us.

“We are extremely pleased to have Paul in this position, as customers and employees at the branch will benefit from the great depth to his experience and expertise.”

Not only is Mr. Elliott a banker with a solid business background he has years of education and international work experience.

His education is impressive as he attended McGill College via the Institute of Canadian Bankers where he obtained a banking degree from the Associate Institute of Canadian Bankers.

Additionally he holds a Bachelor’s Degree in Management Studies from the University of the West Indies.

Currently he is working on his MBA in International Management which is ongoing through University of London.

He holds professional certificates through a Jamaica Securities course, long term insurance sales and mutual funds accreditation.

Asked about his projections about interest rates and investment over the next six months he said:

“We are not expecting US interest rates to rise significantly this year — although there could be a 25 basis points rise at the end of this month (January 31). That being said, it is too early to predict whether this will have a direct impact on Bermuda dollar interest rates.

“Our commitment will be to continue offering very competitive interest rates to the Bermuda community, both for savings/deposits and loans. For example, our strata savings rate for deposits over $500,000 at 3.625 percent is the highest published offer in Bermuda, as are the rates for our 4 and 5 year term deposits for balances over $25,000; at 5.25 percent.”

Mr. Elliott appears to be excited and happy in his present position and says he is looking forward to making contributions to the bank and the community.

“I am still in the learning mode which includes my staff and the cultural aspects of St. George’s. On New Year’s Eve my family and I came to the Square to celebrate the traditional dropping of the ‘Onion’. It was very nice and festive.”

Describing himself as a situational leader, he says he always looks at the requirements of any situation.

“I have my own style. In this environment, I work only with women, several who are single moms who have young children. I am understanding, empathetic and flexible.

“I am here to serve our valued staff and customers,” he added. “I am also a dreamer.

“It is important to sit and dream and to set goals for one’s self. It could be your goal for today, this week, or long term goals of three to five years or longer.”

Recently Butterfield Bank had an evening reception at Café Gio where Mr. Elliott met many citizens and leaders of the Town. Indeed, the consensus was that Mr. Elliott, only age 36, is quite an exemplary fellow.