Butterfield Bank has boosted is presence overseas wealth management market by launching a new wholly owned subsidiary in Geneva.

Graham Brooks, Butterfield Bank executive vice president, said the formation of Butterfield Trust (Switzerland) represented a further step in the bank's strategy of increasing its European private client business and capability.

"Having entered the Swiss wealth management arena with the establishment of Butterfield Asset Management (Switzerland) in Zurich last year, we are now complementing our existing capability in Switzerland with the establishment of Butterfield Trust (Switzerland) which will provide fiduciary, trust and company administration services."

Mr. Brooks said: "This builds on our group's heritage as a leading provider of international fiduciary services and further extends the services we provide to our clients from key European private banking centres, which also include Butterfield Private Bank in London and our well-established business in Guernsey, Channel Islands."

Jim Parker will lead the new subsidiary and has been appointed Butterfield Bank Group's country head for Switzerland, with overall responsibility for the group's activities in Switzerland, including Zurich-based Butterfield Asset Management (Switzerland).

Mr. Parker is a leading figure in the Swiss wealth management industry, having been head of Wealth Structuring for Barclays Private Bank and director and wealth advisory for Barclaytrust (Suisse) SA.

He previously held senior positions in wealth management and trust services in Switzerland with both Citigroup and Chase Manhattan Private Bank.

• Mr. Parker will be joined by Phil Lenz as deputy country head. Mr. Lenz comes to Butterfield Trust (Switzerland) from Barclays Wealth, where he was chief administration officer.

The Bermuda Stock Exchange has been advised that last month the Bank bought 246,671 shares at an average price of $20.66, which are intended to be used to satisfy the Bank's obligations in respect of the Officers' and Employees Stock Option Plans.

A further 251,189 shares were bought at an average price of $20.22, which are to be held in treasury. There were no shares bought back and cancelled during September.