The increase in shareholder value for 2005 was a superior 31.4%.
Last year, the bank finalised the integration of a Bermuda trust company while retaining most of its clients. Acquisitions made in recent years have helped to bring a greater international balance to the bank’s results. These acquisitions contributed 44.7 cents, 10.6% of the group’s 2005 earnings, per share.
In May 2005, the bank raised $150m of subordinated lower Tier 2 capital notes, which reflects long-term investor confidence in the group. Last year, it substantially upgraded its ATM network and improved security. Its credit cards continued to attract new customers, helped by promotions like the FIFA World Cup 2006 contest, run in partnership with MasterCard for merchants and cardholders. It has also established a joint venture with Freisenbruch-Meyer Insurance, set up a new investment centre and integrated premium banking into private banking, all part of its strategy to develop and strengthen products and services for its clients.
“The success we have enjoyed is a direct result of the efforts of our employees, who have worked hard to integrate new businesses, introduce innovative products and services and strengthened relationships with our customers,” says CEO Alan R Thompson. “It also confirms that our strategy of growth through investment in our core businesses is the right approach.”
