Butterfield Bank (UK) Ltd. managing director Paul Turtle will retire at the end of this year, the bank said on Friday.

Mr. Turtle will remain on the board as a non-executive director in a non-executive capacity.

George Bogucki will replace Mr. Turtle as managing director. He has three decades of banking experience, including more than 20 years with Barclays Bank and four years with Riyad Bank in Saudi Arabia. Mr. Bogucki was most recently United Kingdom general manager for Arab Bank Plc, based in London.

Alan Thompson, chief executive officer of Butterfield Bank said: ?I thank Paul for his considerable contribution to our organisation. Under his leadership, Butterfield Private Bank has developed a distinctive approach to providing individuals, their families and business interests with bespoke financial solutions. ?We are pleased that Paul has agreed to remain as a Member of the Butterfield Bank (UK) Board, which will continue to benefit from his extensive private banking experience.?

Hhe added: ?We are pleased to welcome Mr. Bogucki to our management team,? noted Mr. Thompson, adding, ?With his many years of international experience in corporate, institutional and private banking, I know George will bring innovative ideas that will enable us to continue building upon the solid private banking platform we have established in the United Kingdom.?

Butterfield Bank bought 1,579 shares at an average price of BD$55.80 during November which are intended to be used to satisfy the Bank?s obligations in respect of the Officers? and Employees Stock Option Plans.