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Butterfield Bank raising capital
Posted Wed, Mar 3rd 2010, 14:14(Grand Cayman - CITN) -
Butterfield Bank’s headquarters in Bermuda has announced it sold 40% of the group’s business, to raise capital.
The news comes as the group revealed a more than $200 million net loss in its annual results. So what does it mean for the group’s retail banking business here in Cayman?
Better news for Butterfield Cayman though, it remains profitable, posting a year end net income of $8.7 million, that's a correction to the figure of $2 million reported.
News 27’s Tammi Sulliman has the details in the video above.
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