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The deterioration in the housing market and overall Bermuda economy is feeding through into weakened earnings at the banks, new economic figures on the state of the banking sector show. The figures also suggest there’s a growing “shadow inventory” of...

Bermuda’s banks intend to check on their account holders to identify “US persons” and supply their details to US tax authorities, in order to comply with tough new American regulations designed to catch tax dodgers. The Bermuda Bankers’ Association y...

Bermuda Commercial Bank (BCB) has announced it has partnered with Muzinich & Co to expand the asset management solutions it offers. Muzinich & Co is a global institutional investment manager specialising in corporate credit strategies dedicated to g...

While Bermuda’s banks remain in good shape financially, they have sharply increased provisions for bad debt as a result of Bermuda’s “poor economic fundamentals”, the Bermuda Monetary Authority said yesterday. The Authority’s Banking Digest for the s...

Bermuda’s banks have joined together in the fight against online fraud after an increasing number of e-mail scams on the Island. Criminals use phishing scams, or phoney e-mails, to try and get customers’ personal and banking information, and they’re...

A new round of bogus e-mails pretending to be from Bermuda’s banks have popped up in customers’ inboxes trying to trick them into handing over their personal information, including their account passwords. And, the e-mail scams are becoming increasin...

Canadian Imperial Bank of Commerce, one of the largest shareholders in Butterfield Bank, beat analyst profit estimates with its second-quarter earnings yesterday. CIBC, which has a 19 percent stake in Butterfield, said profit for the quarter ended Ap...

Veteran HSBC banker and Irishman Brendan McDonagh has officially been named the executive chairman of Butterfield where he will lead the bank’s continued turnaround. Mr McDonagh, along with Olivier Sarkozy, were also elected to the Butterfield board ...