America’s Cup Event Authority banks local partner in Bermuda

The Bank of N.T. Butterfield & Son has been named as the official Bermuda bank of the 2017 America’s Cup sailing event.

The banking group, which is headquartered in the America’s Cup’s final destination Bermuda, will provide banking services to the America’s Cup Event Authority and defending champion Oracle Team USA for the event, which runs from 2015 to 2017.

The event begins in Bermuda in October 2015 with the America’s Cup World Series races and culminates with the America’s Cup Qualifiers, Challenger Playoffs and Finals in June 2017.

Brendan McDonagh, Butterfield’s chairman and chief executive, said: “In this capacity, we will be providing a broad range of financial services to ACEA and team personnel as they establish their operating bases and residences in Bermuda.”

Scott Smith, chief financial officer of ACEA, added: “Staging the America’s Cup is a massive undertaking. The ACEA as well as Oracle Team USA have personnel living and working in Bermuda who require sophisticated local banking services. With its full range of personal and business banking products, its robust electronic banking channels and its connectedness to other major financial centres, Butterfield was the right choice as the ACEA’s official supplier.”