Butterfield Bank branches up

A new seven-storey office building is slated for downtown George Town once Government gives its blessing.

Butterfield Bank (Cayman) Limited announced today its plans, subject to receipt of government approvals, to build the new office.

The development will comprise 60,000 square feet of office space together with a six-level customer parking garage. The building will be opposite the National Heroes Park on Albert Panton Street. It is designed to the highest standards, capable of withstanding earthquakes and Category 5 hurricane force winds.

The development will replace the bank’s existing One and Two Butterfield Place branch locations across from the GT Post Office. Butterfield House on Fort Street will be retained.

The building’s general contractor is McAlpine Ltd. with architecture and interior design by Chalmers Gibbs. The civil/structural engineers are APEC Consulting Engineers Ltd.

Managing Director Conor O’Dea said the new project reflects the bank’s confidence in the future and growth prospects in the marketplace both domestically and internationally.

‘The jurisdiction has been good to Butterfield since 1967 and in return we have been a good corporate citizen to the community,’ he added. ‘We look forward to working with McAlpine, CGMJ and Government on this major project and welcoming our customers and employees on opening day.’

Arek Joseph, principal architect of Chalmers Gibbs, said, ‘Chalmers Gibbs have over 40 years’ experience in the design and construction of significant buildings in the Cayman Islands, and we are pleased to have been appointed as the architects for another landmark structure in Grand Cayman. We extend our warmest congratulations to Butterfield Bank and wish them even greater success in their spectacular new building.’

‘McAlpine is proud and pleased to be partnering with Butterfield Bank in designing and building a new landmark headquarters on land across from the Court House, which we had acquired some years ago. We are looking forward to the building’s completion,’ said Henry Propper, Managing Director of McAlpine Ltd.

The ground floor will exclusively house the bank’s main branch. The banking hall will provide multi teller and customer service areas. There will be picturesque views of the harbour and Seven Mile Beach from the upper floors. The seventh floor will be ideal for boardroom meetings with the roof level open for entertaining and other Bank functions.

Premises Manager Turney Rankine will oversee the development. ‘Our ongoing commitment to Cayman prompted this substantial undertaking,’ he said. ‘When I joined the bank 22 years ago, we occupied 6,000 square feet of office space and upon completion of this project we will have grown to over 100,000 square feet.’

“I wish to congratulate Butterfield Bank on its expansion plans. This Butterfield project represents in excess of a $30 million investment and demonstrates the confidence that this prestigious banking institution continues to hold in the Government and the people of the Cayman Islands,’ said Mr. McKeeva Bush, Leader of Government Business. ‘Their investment reinforces what I have long maintained, that the Cayman Islands is a preferred jurisdiction to live, work and do business. On behalf of the Government, I wish Butterfield Bank continued success as they grow from strength to strength.”

Kenneth Jefferson, Financial Secretary, Cayman Islands Government, commented, “We see this development as a sign of endorsement by the private sector in the economic strength of the Cayman Islands and it is a positive step forward in helping to facilitate Cayman’s future growth. The Government values its partnerships with the private sector and we fully support any endeavour to ensure that these partnerships continue to flourish.”

The building is due for completion in December 2006.

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