The Banking sector in Bermuda, unlike the Reinsurance and Insurance industry is not a formidable international player although there is a significant international representation amongst the banks. There are four main local banks which cater mainly to the local clientele. The largest bank on the island is HSBC, the former Bank of Bermuda which was bought by HSBC in February 2004 for $1.3bn. There is also the Bank of Butterfield, Bermuda Commercial Bank Ltd and Capital G Bank which is the largest private bank on the island.
