Butterfield will build category five headquarters

Conor O’Dea	McKeeva Bush	Kenneth Jefferson

Butterfield Bank’s proposed office headquarters

Wednesday,  March 9, 2005

Butterfield Bank (Cayman) Limited will be building a new seven story office headquarters that will withstand category five hurricane winds and earthquakes.

The new office building will have 60,000 square feet of office space and a six-level customer-parking garage, and will be built opposite the National Heroes Park on Albert Panton Street. Moreover, the development will replace Butterfield’s existing One and Two Butterfield Place branch locations across from the George Town Post Office, although the company will still use Butterfield House on Fort Street.

“This jurisdiction has been good to Butterfield since 1967 and in return we have been a good corporate citizen to the community,” said Managing Director Conor O’Dea. “We look forward to working with McAlpine, CGMJ and Government on this major project and welcoming our customers and employees on opening day.” 

Mr O’Dea also said he feels this new project reflects the Bank’s confidence in the future and growth opportunities in the current domestic and international market.

Hon McKeeva Bush, Leader of Government Business, said: “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.

“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."

Financial Secretary Kenneth Jefferson said: "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 ground floor will become the new main branch, featuring high ceilings with multi-teller and customer service areas. The upper floors will have a view of the harbour and Seven Mile Beach. The seventh floor will contain the boardroom. The roof level will be used for entertaining and bank functions. The new development is scheduled to be finished in December 2006.

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.”

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