This requires watching.
The Carlyle Group is part of an investment group that has purchased a $550 million stake in Bermuda-based Bank of N.T. Butterfield & Son, the private equity firm announced Tuesday.
District-based Carlyle and Canadian Imperial Bank of Commerce each purchased approximately $150 million of common and convertible shares in Butterfield. Other investors include the Wellcome Trust, the Bermuda Government Pension Funds, investor Julian Robertson and Goshen Investments, reports WaPo.
"This capital gives Butterfield the flexibility under a new chief executive officer to restore the confidence and discipline that have been the hallmarks of this storied institution since its founding in 1858," said Olivier Sarkozy, head of Carlyle's financial services team. "We look forward to a long and productive relationship."
Carlyle Group affiliate Boston Private Financial got more than that in TARP funds, $153 million worth.
ReplyDeleteCarlyle Capital Corporation imploded on Guernsey in the Channel Islands. What can Carlyle do for a Bermuda bank?
Better yet, what can a Bermuda bank do for Carlyle? Maybe it will wash the carry, keeping it away from Charlie Rangel and company.