The Bank was formed by an Act of Parliament in February, 1969 under the name of The Provident People's Bank Limited. In 1984, the name was changed to Bermuda Commercial Bank Limited.
In the early 1990's, the Bank established a new niche market focus, providing services tailored to the international business market and private wealth clients. As part of this strategic alignment, the Bank became smaller and leaner with increased efficiency. Today, Bermuda Commercial Bank remains the only bank in Bermuda focused solely on the unique needs of the corporate and private wealth community.
Bermuda Commercial Bank Group has been guided by a corporate philosophy centered on the provision of quality services tailored to the specific needs of its clients. The following principles form the basis of the Bank's core beliefs:
The provision of financial services requires precision, attention to detail and a constant demand for quality. Similarly, the corporate logo, inspired by the Sea Venture, which brought the first settlers to Bermuda in 1609, is intended to represent the Bank's pioneering approach to international banking and finance. Innovation drives the Bank at all levels of operation. Innovation is essential in the financial services industry by adapting to and meeting the specific needs of clients, proactively suggesting new and improved ways of operating in the offshore environment and taking a leadership position in the provision of these services.
As a service provider in the financial services industry, Bermuda Commercial Bank operates in a highly competitive and demanding environment. The provision of financial services depends upon maintaining the highest standards of quality, forming a strong bond with clients based on mutual trust and respect, keeping informed of relevant developments in the industry and updating the services provided to reflect the changing environment. The Bank has sought to take advantage of its relatively small size by providing personalized service to its client base. This is done by ensuring that our clients always have access to people, not automated systems, to take care of their needs.
We are the only bank in Bermuda focused solely on commercial, corporate and high net worth individuals. We offer an array of banking solutions, as well as a full range of custody, trust administration and corporate services. Our specialized market focus allows us to truly understand and meet our clients’ diverse needs. We are able to deliver services with efficiency not feasible elsewhere while maintaining the accuracy that our clients require.
Bermuda Commercial Bank provides a personal approach to our clients' needs. We assign a dedicated administrator to each of our clients, ensuring the kind of individual care and responsibility not possible in other institutions. We work collaboratively with our clients, understanding their businesses, challenges and needs. Our personal approach extends to all of our clients' dealings with us. Our clients speak directly to a professional, and our most senior staff are always available to clients to enhance their banking experience.
The management of risk is an important criterion to all users of financial services. The Bank has established a policy of minimizing its own corporate risk by following an extremely conservative policy in balance sheet management. The Bank has limited lending exposure with the majority of assets invested in corporate bonds and 14 interbank markets. BCB also runs a matched-book policy with its deposits.
Through our subsidiaries, BCB Charter Corporate Services Limited and BCB Paragon Trust Limited, the Bermuda Commercial Bank Group provides clients with a one-stop solution to all their banking needs be they corporate, personal or trust related. Bermuda Commercial Bank is also a member of the SWIFT (Society of Worldwide Interbank Financial Telecommunication) network and has established correspondent banking relationships with major institutions, allowing us to provide wire transfer services globally. Our network of global correspondents provide our global custody clients with access to markets all over the world.
Bermuda Commercial Bank is focused on growing its business in local and international markets through our investments in infrastructure and commitment to high quality service and products.