America’s Cup chiefs are banking on Butterfield to provide financial smooth sailing.

For the Bank of Butterfield has been named the official bank of the America’s Cup.

The news means the bank will provide all banking services to the America’s Cup Event Authority (ACEA) and defending champions Team Oracle USA.

ACEA chief financial officer Scott Smith said: “Staging the America’s Cup is a massive undertaking. The ACEA as well as Team Oracle USA have personnel living and working in Bermuda who require sophisticated local banking services.

“With its full range of personal and business banking products, its robust electronic banking channels and its connectedness to other major financial centres, Butterfield was the right choice as the ACEA’s official supplier.”

And Mr Smith added: “We are already working closely with Butterfield and we look forward to a continued strong partnership over the next few years.”

The first America’s Cup events to be staged in Bermuda will be in October, with the World Series races. The event reaches its climax at the qualifiers, challenger playoffs and finals in June 2017.

Bank of Butterfield chairman and CEO Brendan McDonagh said: “Butterfield is honoured to have been named the official Bermuda bank of the America’s Cup.

“In this capacity, we will be providing a broad range of financial services to ACEA and team personnel as they establish their operating bases and residences in Bermuda.”

He added: “As the host venue for the 2017 America’s Cup, Bermuda will gain worldwide exposure as a world-class sailing and vacation destination and preparations for the racing events will provide a much-needed economic boost to the Island in the areas of construction, rental housing, tourism, professional services and many other sectors.

“We’re pleased to be in a position to assist the authority with preparations for staging this important sporting event in our community and we look forward to a great racing series over the next two years.”