Butterfield Completes Migration Of HSBC Trust

May 4, 2016

Following its acquisition of Bermuda Trust Company Ltd. and the private banking investment management operations of HSBC Bank Bermuda Limited on 29 April 2016, The Bank of N.T. Butterfield & Son Limited today [May 4] 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.”

Butterfield said, “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
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  1. We will see what we will see…