The Bank of NT Butterfield & Son has set up a separately
incorporated trust company in the Cayman Islands
to provide personal and corporate trust services, the Bermuda-headquartered
firm said yesterday.

The new entity is called Butterfield Trust (Cayman) Limited,
a wholly owned subsidiary of Butterfield Bank (Cayman) Limited. Trust and
fiduciary services were previously provided in Cayman under the auspices of the latter, a statement from the firm said.

Butterfield has provided Cayman-domiciled trust and
fiduciary services since setting up operations in Cayman as Butterfield Trust
in 1967.

“The formation of a trust company that operates separately
from the bank is reflective of the increasing importance clients place on the
independence of trustees, and is consistent with Butterfield’s operating model
in other jurisdictions from which it provides trust and fiduciary services: The
Bahamas, Bermuda, Guernsey, Switzerland and New Zealand,” Butterfield said in
the statement.

As part of the venture, Brian Balleine has been appointed as
managing director of BTCL Other members of the BTCL board are: Rosalie
Jamieson, head of corporate and institutional; Peter Walker, head of private clients; Conor O’Dea, managing director, BBCL and senior executive vice president – international
banking at Butterfield; and Bob Moore, executive vice president and head of group
trust at Butterfield.