Butterfield Completes Acquisition and Successful Migration of
HSBC Bermuda Trust and Investment Business
Following its acquisition of Bermuda Trust Company Ltd. and the private banking investment management operations (the “Trust and Investment Business”) of HSBC Bank Bermuda Limited (“HSBC Bermuda”) on 29 April 2016, The Bank of N.T. Butterfield & Son Limited (“Butterfield”) today announced that former HSBC Bermuda employees, their clients and accounts have successfully transitioned to Butterfield.
Butterfield announced on 27 October 2015 that it had reached an agreement to acquire the Trust and Investment Business of HSBC Bermuda, along with a separate agreement to take on select private banking clients through referrals from HSBC Bermuda.
Michael Collins, Butterfield’s Chief Executive Officer, said “I would like to take this opportunity to thank and commend personnel from both organisations who worked so hard on the transition and integration.
“The common priority for both the HSBC Bermuda and Butterfield teams has always been client satisfaction and we were committed to a seamless transfer of client relationships. Former HSBC Bermuda clients can look forward to continuing to work with the same wealth management and trust professionals whom they’ve come to know and trust with their financial affairs.
“With the acquisition complete, we have added considerable strength to our wealth management team. Butterfield now has the largest group of trust professionals, private bankers, and asset managers in Bermuda, offering a comprehensive range of financial products and services to meet the needs of virtually all high net worth clients and their advisers. We are confident that clients will be pleased with the breadth and quality of services available at Butterfield.”
The acquisition of the HSBC Bermuda’s Trust and Investment Business personnel and clients is consistent with Butterfield’s growth strategy that will see continued investment by the Bank in core businesses and markets where it has expertise, scale and a long history of success. This transaction is a third milestone event of that strategy, with Butterfield having acquired the trust and fiduciary services business of Legis Group in Guernsey and select corporate and personal banking business from HSBC Cayman in 2014.
Butterfield Trust, Private Banking, and Asset Management employee workspaces and client service facilities have been renovated and are now available at the following locations:
Trust – Rosebank Centre, 4th Floor, 11 Bermudiana Road, Tel: (441) 299 3980
Private Banking – Head Office, 2nd Floor, 65 Front Street, Tel: (441) 279 5656
Asset Management – Head Office, 2nd Floor, 65 Front Street, Tel: (441) 299 3817
Notes to Editors:
The Bank of N.T. Butterfield & Son Limited (“Butterfield”) is Bermuda’s first and largest independent bank, and a specialist provider of international financial services. The Butterfield Group offers a full range of community banking services in Bermuda and the Cayman Islands, encompassing retail and corporate banking and treasury activities. Butterfield also variously provides property lending, private banking, asset management and personal trust services from its headquarters in Bermuda and subsidiary offices in the Cayman Islands, Guernsey and the United Kingdom. In Switzerland and The Bahamas, Butterfield provides personal trust and company services. Butterfield is a publicly traded corporation with shares listed on the Bermuda Stock Exchange. Butterfield’s share price is published daily in The Royal Gazette (www.theroyalgazette.com) and is also available on Bloomberg Financial Markets (symbol: NTB BH) and the Bermuda Stock Exchange website (www.bsx.com). Further details on the Butterfield Group can be obtained from our website at: www.butterfieldgroup.com.