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Butterfield To Acquire HSBC’s Private Banking Trust and Investment Management Operations in Bermuda


Hamilton, Bermuda–27 October 2015: The Bank of N.T. Butterfield & Son Limited (“Butterfield”) today announced that it has reached an agreement to acquire Bermuda Trust Company Ltd and the private banking investment management operations (the “Trust and Investment Business”) of HSBC Bank Bermuda Limited (“HSBC Bermuda”). In addition Butterfield has entered into a referral agreement with HSBC Bermuda to take on select Private Banking clients.

The transfer is expected to be completed in the first half of 2016.

A number of HSBC Bermuda’s Trust and Investment Business employees in Bermuda will be offered positions with Butterfield with a view to having former HSBC clients continue to be served by the same individuals who currently service their accounts.

Michael Collins, Butterfield’s Chief Executive Officer, said, “We are pleased to welcome HSBC Bermuda’s Trust and Investment Business employees and clients to Butterfield. Our goal is to effect a seamless transfer of the business and ensure that clients enjoy continuity of service and access to an equivalent range of wealth management products and solutions to that which they have become accustomed to at HSBC.

“Butterfield’s growth strategy is centred on the development of our core businesses in existing markets. The acquisition of these businesses in Bermuda is very much in keeping with that strategy. It allows us to add scale to our franchise and bench strength to our teams of professional wealth managers and fiduciary specialists in a market where we have a significant presence and long history. We are well positioned to take on the HSBC business, and we are working closely with HSBC to ensure we do so in a way that is minimally disruptive to clients.

“Butterfield was established as a private bank 157 years ago, and we have been offering trust services to clients in Bermuda for more than 70 years, and brokerage and asset management services for nearly five decades. We understand the needs of high net worth individuals and their families, and we look forward to working closely with our new clients to ensure their needs continue to be met, effectively, efficiently and with a highly personal touch.”

Butterfield was advised by KPMG Bermuda and KPMG Guernsey. Butterfield’s legal advisers were Locke Lord, London. The transaction is subject to regulatory approval.

About Butterfield Wealth Management and Trust Services In Bermuda

Butterfield’s Private Banking service provides an array of sophisticated cash management, credit and investment services to enable clients to safeguard, grow and use their assets more effectively. A dedicated relationship manager serves as each Private Banking client’s single point of contact for access to the integrated banking and wealth management solutions offered by Butterfield.

Butterfield Asset Management offers clients discretionary and self-directed investment services utilising a wide range of third-party and proprietary investment products; the latter includes Butterfield Funds investing in equities, fixed income instruments and alternative investment classes.

Butterfield Trust administers customised structures which provide flexibility with regard to clients’ estate planning and other fiduciary requirements. Butterfield also offers clients in Bermuda access to fiduciary structures and company administration services in cooperation with experts at Butterfield’s wholly-owned trust companies in The Bahamas, the Cayman Islands, Guernsey, New Zealand and Switzerland.

Butterfield was named Bank of the Year in Bermuda by The Banker in 2013 and 2014, and Global Finance’s best bank in Bermuda in its 2015 selections of the World’s Best Developed Market Banks. Butterfield was also named Best Private Bank in Bermuda in the Euromoney 2014 Private Banking Survey. Butterfield Trust was named 2015 Trust Company of the Year at the tenth annual Society of Trust and Estate Practitioners (STEP) Private Client Awards.

 

 
 
 
This Release does not constitute an offer to sell securities, or a solicitation of an offer to buy securities, in any jurisdiction, including without limitation the United States of America. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. A public offering of securities in the United States, if any such offering is made, will be made by means of a prospectus that may be obtained from The Bank of N.T. Butterfield & Son Limited (“Butterfield”) containing detailed information about Butterfield  and management, as well as financial statements.
 
Notes to Editors:
 
About Butterfield:
 
Butterfield is 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. In the wealth management area, the Group provides private banking, asset management, investment advisory and personal trust services from its headquarters in Bermuda and subsidiary offices in The Bahamas, the Cayman Islands, Guernsey, Switzerland and the United Kingdom. Butterfield also provides services to corporate and institutional clients from offices in Bermuda, The Bahamas, the Cayman Islands and Guernsey, which include asset management and corporate trust services.
 
Butterfield is publicly traded in Bermuda, and its shares are 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.

 

 

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