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ARTICLE · 30 MARCH 2026

Bermuda Monetary Authority 2026 Business Plan: Overview & Expertise – Banking

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Bermuda is not considered an international banking center and only banks licensed by the Bermuda Monetary Authority (BMA) under the Banks and Deposit Companies Act 1999 (BDCA) are entitled to undertake banking businesses in or from Bermuda.

BermudaFinance and Banking
David Clark
David Clark
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Overview of Bermuda’s Banking Sector

Bermuda is not considered an international banking center and only banks licensed by the Bermuda Monetary Authority (BMA) under the Banks and Deposit Companies Act 1999 (BDCA) are entitled to undertake banking businesses in or from Bermuda. As banking is defined as deposit taking (as opposed to lending), international banks are generally able to lend to Bermuda-based borrowers subject to applicable restrictions relating to carrying on business in Bermuda.

The following banks hold full banking licences in Bermuda: HSBC Bank Bermuda Limited; The Bank of N.T. Butterfield & Son Limited; Clarien Bank; Bermuda Commercial Bank. Jewel Bank (which proposes to provide banking services to digital asset businesses) has received a licence under the BDCA but has not yet commenced business in Bermuda.

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