Finance Monthly CFO Awards Winners Edition

Finance Monthly CFO Awards 2020 www.finance-monthly.com 88 BERMUDA Finance Monthly CFO Awards 2020 CFO of Butterfield MICHAEL SCHRUM ABOUT BUTTERFIELD Established as Bermuda’s first bank in 1858, Butterfield today offers a range of community banking and bespoke financial services from eight leading international financial centres, supported by centralised service centres in Canada and Mauritius. The Butterfield team comprises 1,512 financial professionals working together to help our clients manage their wealth and protect it for future generations, while creating sustainable, long-term value for our shareholders. Headquartered in Hamilton, Bermuda, Butterfield serves international clients from Bermuda, the Cayman Islands, Guernsey and Jersey, where our principal banking operations are located, and The Bahamas, Switzerland, Singapore and the United Kingdom, where we offer specialised financial services. Butterfield holds a special place in the world of finance. There is no other bank that shares our particular mix of businesses, our international footprint, or the expertise in offshore banking and trust that is built on our 160-year island heritage. As the financial services landscape continues to change, our uniqueness is a strength that creates niche opportunities for growth in markets that are increasingly under-served by global banks. In 2019, we took advantage of those opportunities to add scale and balance to our operations, strengthen our relationships with clients, and create value for shareholders. In July 2019, we completed the acquisition of ABN AMRO’s Channel Islands business, which focuses on the provision of banking services for financial intermediaries, complementing our existing offerings in Guernsey and Jersey, as well as the broader corporate banking business in Bermuda and the Cayman Islands. The ABN AMRO acquisition improved the geographic diversification of our balance sheet, increasing the breadth of our loan and deposit books, and was the principal driver of growth in total assets of over $3.1 billion during 2019. Building upon the acquisitions of Deutsche Bank’s Global Trust Solutions and Jersey-based Channel Islands banking businesses in 2018, the integration of the ABN AMRO business establishes a significant and scalable Butterfield presence in the Channel Islands; one that we intend to grow into a substantial third pillar of our business alongside our leading community banks in Bermuda and Cayman. The last few years have been a period of strategic growth and change for Butterfield; the Bank has expanded its global footprint and following its public offering on the New York Stock Exchange in 2016, the company’s shareholder base is more diversified, comprising both large, primarily US-based, institutional investment companies and funds, as well as individual investors from around the world. Collaboration is a key tenet of our new corporate values, which were developed with and introduced to employees in 2019 to help enhance customer service, support effective, timely realisation of organisational goals, and to help reinforce our position as the world’s leading, independent offshore bank and trust company. We felt the time was right, at the end of 2019, for Butterfield to update its brand identity to reflect the Bank’s evolution and its unique place in the world of finance, while honouring our heritage. The updated brand identity features a more contemporary wyvern—a mythical sea dragon, which represents protection and valour—that has been part of the Bank’s corporate identity for over 60 years, and has its origins in heraldry. A wyvern sits atop the coat of arms of the Butterfield family who established the Bank in Bermuda in 1858. www.butterfieldgroup.com MICHAEL SCHRUM Mr Schrum joined Butterfield as Group Chief Financial Officer in September 2015 and was elected to the Board as an executive director in 2020. He previously served as CFO at HSBC Bank Bermuda. Mr Schrum has more than 20 years of financial services experience in London, New York and Bermuda, mainly in banking, insurance and tax. He joined HSBC in Bermuda in 2001 and held progressively more senior positions within the bank’s commercial banking, strategy, and finance divisions. He is a Chartered Financial Analyst and a Fellow of the Institute of Chartered Accountants in England and Wales. Mr Schrum holds Master’s (University of London) and Bachelor’s (Southern Denmark Business School) degrees in Economics. He lives in Bermuda with his wife and three children. Michael also serves as Chairman of the Bermuda Community Foundation, the Honorary Consul for Denmark, and in his spare time, likes to swim, hike and play golf.