Bermuda proudly promotes itself as a premier financial centre and recent moves by the government have contributed significantly to opening up the sector. Strict laws that restricted foreign ownership of any bank in Bermuda have been relaxed and the British Dependent Territory is working hard to develop the already thriving hedge fund and trusts markets, known as collective investment schemes. The centre-left Progressive Labour Party government has vowed to develop and diversify the economy, which relies heavily on insurance and tourism. It has identified financial services as an area for expansion. Part of this development has already started in the banking sector. Bermuda has only four retail banks. The main two are Bank of Bermuda and Butterfield Bank. Two smaller institutions are Capital G, a new entity, and Bermuda Commercial.
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