A former chairman of Butterfield Bank has been appointed chairman of HSBC Bermuda.

Barclay Simmons who recently joined the HSBC Bermuda board as an independent non-executive director, succeeds Anthony Joaquin as chairman.

Mr Joaquin, who is retiring, has served as an independent non-executive director for nearly 19 years and has been chairman since 2015.

Mr Simmons, served as chairman of Butterfield Bank for two years from 2015 to 2017, having been vice-chairman from 2012 to 2015.

A lawyer and former investment banker at Goldman Sachs, Mr Simmons is also chairman and chief executive officer of Rose Investment, and chairman of the Public Funds Investment Committee, which is responsible for the investment of the Bermuda Government’s pension funds.

HSBC added that Fiona Luck would be retiring from the board after nine years of serving as a non-executive director. Ms Luck, senior independent deputy chairwoman of Lloyd’s in London, will continue to serve as a non-executive director of HSBC Insurance (Bermuda) Ltd, HSBC Insurance SAC 1 (Bermuda) Ltd and HSBC Insurance SAC 2 (Bermuda) Ltd and HSBC Life (Bermuda) Ltd.

Christian Dunleavy, a seasoned reinsurance executive and chairman of the Association of Bermuda International Companies, who recently joined the HSBC Bermuda board as an independent non-executive director, has also joined the Audit and Risk Committee, the bank said in a statement.

“I’m pleased to join HSBC Bermuda at an important time for the organisation and the wider industry,” incoming chairman Mr Simmons said. “I look forward to working with the board and management team to build on HSBC’s strengths, serve our customers with excellence, and support sustainable growth.”

Greg Garnier, chief executive officer of HSBC Bermuda, said: “I am thrilled to welcome Barclay to the board and as chair. He will bring deep financial, legal and regulatory expertise.

“Barclay has a proven track record, serving on boards in both executive and non-executive roles, and a strong understanding of the international and local economic landscape.”

“I am also delighted to welcome Christian as an independent non-executive director to the board. He currently serves as chairman of Abic and has held senior leadership positions within the reinsurance industry, achieving considerable success throughout his career. His expertise will be invaluable as we continue to execute our strategy.”

Mr Garnier also thanked the retiring directors for their service.

“On behalf of the Bank, I want to thank Tony for his commitment, judgment and leadership,” Mr Garnier said.

“His guidance has helped us navigate change, strengthen governance, and stay focused on delivering for the bank and its stakeholders. We are grateful for the impact he has made and wish him every success.”

On Ms Luck’s departure, Mr Garnier said: “Board leadership matters most when it’s steady, thoughtful and values-led. Fiona consistently excelled in those attributes by asking the right questions, supporting management with clear direction and keeping our purpose front and centre.

“We’re extremely thankful for her contributions and to have had a professional of such high calibre serving on our board.”

Mr Joaquin said: “Serving as chairman for HSBC Bermuda’s Board has been a privilege. I’m proud of what we’ve achieved together and of the way that our teams have continued to put customers and communities at the heart of our work.

“As I step down, I want to thank my board colleagues, our leadership team and all our employees for their commitment and professionalism.

“I’m confident that HSBC Bermuda is well positioned for the next chapter, and I look forward to seeing the business continue to deliver for the bank’s stakeholders under the new chairman’s leadership.”