CFO appointed at Butterfield

Brad Rowse is the new chief financial officer and vice president for the Bank of Butterfield.

He is the company’s third CFO in the past 12 months and replaces Bradford Kopp, who was promoted to president and CEO in March. Mr. Kopp replaced Richard Ferrett as CFO last November.

The bank has seen staff turnover at the top after running into financial difficulties, stemming largely from bad investments in the U.S. real estate market.

It raised an additional $550 million this year from investors including CIBC and The Carlyle Group.

Butterfield Bank reported a $213.4 million loss last year and $176 million first quarter loss before reporting a $0.4 profit for the second quarter.

The bank sold its trust, advisory and wealth management businesses in Hong Kong and Malta to the Bentley Reid Group earlier this month so it could concentrate on fewer jurisdictions.

Mr. Rowse joins Butterfield from Scotiabank in Toronto, where he was senior vice president and chief financial officer for international banking, with overall responsibility for the financial accounting in more than 40 countries.

At Butterfield, he will be responsible for the group’s accounting, finance and treasury functions.

Mr. Kopp said: “His proven track record in managing finance teams across multiple jurisdictions make him an excellent fit for the job.”

In accordance with the Media Council code of conduct, Don Burgess wishes to disclose he owns shares in Butterfield Bank.