Butterfield Bank Makes Key Strategic Acquisition of Wealth Management Group



    HAMILTON, Bermuda, Oct. 29 /CNW/ -- The Bank of N.T. Butterfield & Son
Limited ("Butterfield Bank") is pleased to announce that it has acquired the
entire share capital of Bentley Reid Group, a privately-held, international
wealth management company with offices in Hong Kong, London and Malta.
    Established in 1979, Bentley Reid Group provides financial and tax
advisory and investment management services to private clients and charities
from offices in Hong Kong and London. Through its Malta-based subsidiary,
Bentley Trust, the Group provides trust and company formation and
administration on an international, multi-jurisdictional basis.   Bentley Reid
Group has close to half a billion dollars (US$) in assets under discretionary
management and approximately US$2 billion in assets under advice and
administration.
    In announcing the acquisition, Alan Thompson, Butterfield Bank's
President and Chief Executive Officer, said, "This transaction represents an
important strategic milestone, as wealth management is a core business for
Butterfield Bank.  Expanding our private client services to new international
markets and acquiring wealth management clientele is central to our growth
strategy." Earlier this month, the Bank announced the expansion of its Swiss
operations with the establishment of a trust company in Geneva, following the
establishment of a subsidiary in Zurich in late 2006.
    Graham Brooks, Executive Vice President, International, Butterfield Bank
said, "In Bentley Reid, we have acquired a well-established, prestigious group
whose operations and personnel are an excellent fit with those of the Bank.
The deal increases our existing private client business and allows us to
extend our relationship-focused service model to new markets."  He added, "The
Hong Kong presence will provide us with the ability to attract new clients in
the dynamic Far East market.  The office in Malta gives us a foothold in one
of Europe's newer financial centres, providing us with another jurisdiction
through which we can administer clients' assets.  Very importantly, Bentley
Reid's London operations complement our sophisticated and increasingly
successful UK Private Bank and will enhance our investment management
capabilities in that jurisdiction.  I look forward to working with the Bentley
Reid team."
    Bentley Reid Group principals Nic Bentley, Chairman, who is based in Hong
Kong, and Rupert Bentley, Chief Executive, who is based in London, along with
the existing Bentley Reid management team will continue to manage their client
relationships as executives of Butterfield Bank Group.
    Rupert Bentley commented on the transaction, "This is good news for
Bentley Reid's clients and staff. Butterfield Bank shares our philosophy of
relationship-led services and has an excellent reputation in the fields of
private banking, asset management and trusts.  Our clients will continue to
deal with the Bentley Reid executives who currently advise them, but will now
have access to a broader range of services in many more jurisdictions as a
consequence of our joining the Butterfield Bank family."
    
    Note to Editors:
    
    Butterfield Bank is Bermuda's first and largest independent bank, and a
specialist provider of offshore financial services. The Butterfield Bank Group
offers a full range of community banking services in Bermuda, Barbados and the
Cayman Islands, encompassing retail and corporate banking and treasury
activities. In the wealth management area, the Group provides private banking,
asset management and personal trust services from its headquarters in Bermuda
and subsidiary offices in The Bahamas, the Cayman Islands, Guernsey,
Switzerland and the United Kingdom. The Group provides services to corporate
and institutional clients from offices in Bermuda, The Bahamas, Canada, the
Cayman Islands and Guernsey, which include investment and pension fund
administration, asset management and corporate trust services.  Butterfield
Bank is a publicly traded corporation with shares listed on the Bermuda and
Cayman Islands stock exchanges. Further details on Butterfield Bank can be
obtained from our website at: www.butterfieldbank.com.




For further information:

For further information: Mark Johnson, Assistant Vice President, 
+1-441-299-1624, markjohnson@bntb.bm, or Stuart Roberts, Senior 
Communications Specialist, +1-441-298-4610, stuartroberts@bntb.bm, both of 
The Bank of N.T. Butterfield & Son Limited, fax for both, +1-441-295-3878 Web
Site: http://www.butterfieldbank.com/

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THE BANK OF N.T. BUTTERFIELD & SON LIMITED

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BENTLEY REID GROUP

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