Clarien Bank has expanded its private banking business and hired two new staff.

Cyril Simmons is now senior private banker, while Carmen Adebiyi has been appointed private banking officer.

Clarien head of private banking Clare Spearing said: “They add further depth, experience and expertise to our team as we continue to grow to meet the increasing demand for our services.

“Globally, the number of high net worth clients is increasing and Bermuda is no exception.

“We are seeking more individuals and families looking for comprehensive and strategic financial advice and, as onshore banks are becoming more restrictive in our relationships with international business, we see a lot of opportunities.”

Ms Spearing added: “Customer service and trust are key and we’ve worked very hard to build a multitalented, Bermuda-based team that combines proven international experience with a deep understanding of the Island to offer a highly personalised and holistic approach.

“Those skills are especially important when developing long-term financial and estate planning for families whose assets may span generations and several countries.”

Mr Simmons worked in a variety of roles at HSBC Bermuda before becoming head of captive and insurance banking in 2013.

Ms Adebiyi was head of member services at the Bermuda Business Development Agency (BDA) and played a key role in the merger between the Bermuda Business Development Corporation and Business Bermuda, where she was previously manager of administration.

The expansion comes after HSBC Bermuda last month agreed to sell its multibillion dollar private banking arm and other parts of its business to Butterfield Bank.

The move means Butterfield will acquire the Bermuda Trust Company Ltd as well as the trust and investment business of HSBC.

At the end of last year, HSBC’s trust and investment arm had about $24 billion of assets under administration and $1.5 billion in assets under management.

The banking portfolio had around $12 billion of assets under management.

Butterfield has also entered into a referral agreement with HSBC Bermuda to take on select private banking clients and expand its staffing in the area, including taking on some HSBC specialists.