Butterfield Bank has withdrawn its name from the potential purchasers currently in discussions for the sale of Bermuda Commercial Bank (BCB).

On October 17 Butterfield Bank announced that it was exploring the possible purchase of Bermuda Commercial Bank shortly after former BCB chairman John Deuss was escorted with Police to Holland for questioning about suspected money laundering.

Butterfield Bank’s official announcement to the Bermuda Stock Exchange did not disclose the reasons why the bank had withdrawn from the running to takeover the bank and after further inquiries a Butterfield Bank spokesperson made no further comment.

BCB chief operating officer Dominique Smith also made no comment on the bank’s decision but said: “We continue to have discussions with other potential parties.”

BIAS Limited chief executive officer Robert Pires said in October that he had been in talks with a major overseas bank in a substantial market that has offices throughout the Caribbean interested in buying BCB. Mr. Pires said Butterfield Bank was a “well run local institution would be the lead contender to purchase the bank.”

“Butterfield Bank buying BCB would remove a major headache for the Government as Butterfield Bank would face no regulatory hoops,” Mr. Pires said.

Mr. Pires said Butterfield’s takeover of the BCB would be a “quick fix” because both are in the same jurisdiction and could easily absorb staff and redundancies would not have to be made. A Bank of Bermuda spokeswoman made no comment on whether it would become a potential buyer and James Gibbons, chairman, president and chief executive officer of Capital G said the bank is not interested in buying the BCB.