Former HSBC chief financial officer Michael Schrum has jumped ship to Butterfield Bank.

Mr Schrum will become group chief financial officer at Butterfield at the end of next month.

Butterfield chairman and CEO Brendan McDonagh said: “I am pleased to welcome Michael to Butterfield as our new group chief financial officer.

“With his extensive experience in local and international financial services management and his demonstrated leadership skills, Michael will be a great asset to our team.”

Mr Schrum, who has more than 20 years of experience in financial services spanning London, New York and Bermuda, will replace John Maragliano, who moved to Canada last month after 13 years at Butterfield.

Mr Schrum joined HSBC Bermuda in 2001 and rose through the ranks in the commercial banking, strategy and finance divisions.

He is a chartered financial analyst and a Fellow of the Institute of Chartered Accountants of England and Wales.

Mr Schrum, married with three children, is also a director of utilities firm Ascendant, treasurer of the Bermuda Community Foundation and the current chairman of substance abuse charity Pathways Bermuda.