Finance Monthly CFO Awards 2019 Winners Edition

www.finance-monthly.com 17 Finance Monthly CFO Awards 2019 Finance Monthly CFO Awards 2019 COUNTRY BERM DA BERMUDA We speak with Michael Schrum, Group Chief Financial Officer of The Bank of N.T. Butterfield & Son Ltd. Based in Bermuda, Michael is responsible for overseeing the investor relations, treasury, finance, risk, IT and corporate development functions for the Butterfield Group, which now spans ten international jurisdictions. You have been the group CFO of Butterfield for over four years now. What have been your priorities since your appointment? My first main priority was the New York Stock Exchange Listing and Initial Public Offering in the US. I joined Butterfield in September 2015 and at the time, the bank had completed a period of restructuring, with a clear strategy focussed on developing and growing its core businesses of banking and wealth management, both organically and through acquisitions. The bank had already completed two acquisitions in 2014 which allowed it to expand and complement its existing business lines – a Guernsey-based trust and corporate services business and a corporate and retail banking business in the Cayman Islands. In 2016, I saw the refocussing of our UK operations on our UK high-net-worth mortgage lending business and in April 2016 we completed an acquisition of HSBC’s trust business and private banking investment management operations in Bermuda. Then in September, Butterfield’s successful $288 million Initial Public Offering and listing on the New York Stock Exchange allowed us to raise approximately $126 million in net proceeds. Once the IPO was completed, I concentrated my efforts on the embedding of Sarbanes Oxley financial reporting controls, establishing investor relations functions and generally improving the financial reporting environment and processes across the Group. Lately, my focus has moved on to mergers and acquisitions, as well as managing capital resourcing processes. In 2018, we completed acquisitions of Deutsche Bank’s Global Trust Solutions which added scale to our existing trust operations in the Cayman Islands, Guernsey and Switzerland, as well as a presence in Singapore; and Deutsche Bank’s Channel Island and Cayman Islands banking and custody business which enhanced our market share in Guernsey and Cayman and allowed us to open a bank in the growing Jersey market. What have been your most significant achievements thus far? How has your role impacted the company’s performance in the past four years? Without a doubt my biggest achievement is Butterfield’s Initial Public Offering in September 2016 and the successful follow-on offering in February 2017, which transferred ownership of the Butterfield Group from private equity to Q Q