Minister of Financial Services Wayne Panton joined Premier of Bermuda Michael Dunkley and CEO Michael Collins on Friday (16 September) at the New York Stock Exchange in ringing the opening bell on the first trading day of stock in Bank of N.T. Butterfield (NTB). The Bermuda-based bank, which also operates in Cayman, the United Kingdom, Guernsey, the Bahamas and Switzerland, priced its initial public offering of stock at USD$23.50, but the price quickly rose above $25.00 for the 10.6 million shares being offered.
Mr. Collins says the IPO’s reception shows confidence in Butterfield’s business model. “We are a great bank,” he said. “Two great jurisdictions that sell themselves and are world-renowned from a business perspective, so it went very well.”
“This sort of thing really gives our customers in Cayman a great deal of confidence as well,” said Minister Panton, “so it’s fantastic to be here and to support them.”