An International banking industry publication has named Butterfield “Bank of the Year 2019” in the Cayman Islands.

This is the fifth time in seven years that Butterfield has received the award from The Banker. Butterfield also won Bank of the Year award in Bermuda for the seventh consecutive year.

Mike McWatt, Butterfield’s managing director in Cayman, said, “We are honoured to have, once again, been named Bank of the Year in the Cayman Islands, reflecting our continued progress in enhancing our product and service offerings, and the strength of our team of professional bankers.”

Mike McWatt, managing director, Butterfield Cayman

He added, “Cayman is a key market for the Butterfield Group and one in which we continue to invest for growth. Our new banking centre at Camana Bay, which is set to open soon, reflects our commitment to providing convenient, modern banking service for our community.”

The Banker, a Financial Times publication, is a UK-based periodical that each year selects banks in more than 100 countries to receive its annual awards. The global editorial team not only considers a bank’s financial performance, but also strategic initiatives, innovative use of technology and service delivery channels, and efforts to extend banking services to all parts of the community.

A full list of Bank of the Year 2019 Award winners will be published in the December edition of the magazine.

Schrum wins CFO awards

In other news, Butterfield Group’s chief financial officer Michael Schrum won the 2019 Finance Monthly CFO Awards.

“The awards are given to inspiring financial leaders across a wide range of business sectors around the globe who continuously deliver outstanding results for their respective organisations and whose hard work, innovation and vision is worthy of recognition,” Butterfield said in a press release.

As group CFO, Schrum is responsible for strategically positioning Butterfield with the investment community, enhancing the financial reporting environment, and managing the capital resourcing and corporate development functions for the bank, which now spans 10 international jurisdictions, the bank said.

Since joining Butterfield in September 2015, according to the statement, Schrum has been instrumental in the bank’s initial public offering in the US in 2016 and the successful follow-on offering, which transformed the ownership structure of Butterfield Group from private equity to that of a diversely held public company traded on the New York Stock Exchange.

More recently, his expertise contributed to the bank’s acquisition of ABN AMRO’s Channel Islands-based banking subsidiary and its subsequent integration into Butterfield’s existing Guernsey operation.