Butterfield Bank's board of directors have held their first meeting in the Cayman Islands for almost 25 years.

The board meeting coincided with the inauguration of Butterfield Place, the bank's new seven-storey building in George Town, Grand Cayman.

The impressive new structure will be home to Butterfield's Cayman banking business, providing 65,000 square feet of office and customer service space, plus a state-of-the-art learning and development centre for staff.

The building is set to open to customers next year, during the 150th anniversary of Butterfield Bank.

Alan Thompson, president and CEO of Butterfield Bank, said: "The building reinforces to Caymanians, and the world, that we are much more than a brass plate operation in Cayman. We are a strong and prosperous institution that is committed to serving the financial needs of all facets of Caymanian society.

"We were among the first overseas banks to set up shop in Cayman, establishing a representative office in 1967.

"Forty years later, we are inaugurating Butterfield Place, an event that reflects the success we have enjoyed in Cayman our ongoing commitment to that market."

Graham Brooks, executive vice-president, International, said: "We have experienced healthy growth in the Cayman Islands from the beginning. Today, our success in Cayman continues and we remain committed to serving the Cayman Islands as banker, employer of choice and good corporate citizen."

Butterfield Bank (Cayman) has a long history of community involvement and has contributed to a number of projects, including a $1 million donation to the Cayman Islands National Hurricane Recovery Fund to assist with rebuilding efforts following Hurricane Ivan in September 2004, the bank said.

The bank's Cayman operation has assets of close to KYD $3 billion and employs almost 400 people - more than 85 percent of whom are Caymanian.

The bank is the largest private sector financial services employer in the Cayman Islands and Butterfield Bank Group's largest operation outside of Bermuda.