The Bank of Butterfield has been named best bank in Bermuda by US-based magazine Global Finance for the second year in a row.

Michael Collins, the CEO of Butterfield, said: “It is an honour to once again have been included in Global Finance’s listing of the best banks in developed markets, alongside many of the world’s most recognised banking brands.

“The award not only acknowledges Butterfield for our strength in client services and our financial performance, it implicitly recognises our home market of Bermuda as a mature and important international financial centre.”

Global Finance has a circulation of around 50,000 subscribers in 188 countries.

The awards were given after editors consulted with business executives, bankers and analysts from around the world and a readership poll was also taken.

Joseph Giarraputo, the publisher and editorial director at Global Finance, said: “Global Finance’s annual best bank awards honour those financial institutions that excel at providing their customers with the service and product offerings that best meet their unique needs.

“These banks many not be the largest or oldest banks in their markets, but they have the strength and vision to outshine their peers.”