HSBC Bermuda chairman Philip Butterfield is to step down after 15 years with the bank.

Mr Butterfield said: “It has been both an honour and a privilege to serve over the past 15 years as both CEO and subsequently chairman of the board.

“My tenure at the bank has proven to be both challenging and exceptionally rewarding for me, professionally and personally.

“I leave feeling extremely proud of how the bank has evolved during this period.”

Mr Butterfield will be replaced as chairman by HSBC director Tony Joaquin, effective from the end of the year.

Mr Joaquin has been a director of the bank for ten years and is a retired managing partner at financial services firm Ernst & Young.

Mr Butterfield said: “I have known Tony for a number of years and I am very confident that under his leadership the board will continue to offer the appropriate level of guidance and support to HSBC Bermuda’s executive management team as they aim to provide the best customer service possible. I wish him the very best.”

Bank CEO Mark Watkinson added: “Being new to HSBC Bermuda and to the Island, it did not take me long to realise the significant impact Phil’s contributions have had on both the bank and the wider Bermuda community.

“I thank him for all that he has achieved and wish him the very best for the future.

“I also look forward to the continued relationship with Tony Joaquin following his appointment as our new chairman and the bank benefiting from his years of extensive experience in the financial industry.”

Mr Butterfield, who has been in banking for 40 years, joined HSBC Bermuda in 2000 as chief administration officer.

He later became chief operating officer, then CEO and a director in 2004 before being appointed chairman in 2012.