HSBC has relocated its flagship trustee company to Bermuda with the announcement that the Bank of Bermuda has acquired the company from HSBC Private Banking Holdings (Suisse) Sa. HSBC International Trustee Limited had assets under administration of $22 billion at September 30, 2005.

HSBC, which bought the Bank of Bermuda in 2004, has previously expressed its intent to expand its trust business here. The bank filed a legal notice to incorporate HSBC International Trustee Ltd. last month alongside two other planned incorporations for local limited liability companies to be called HSBC Institutional Trust Services (Bermuda) Ltd. and HSBC Nominees Services (Bermuda) Ltd. and HSBC International Trustee Ltd.

Besides moving to expand its trust business here, HSBC has also recently redomiciled its captive business unit to Bermuda from Guernsey.

Philip Butterfield, chief executive officer of Bank of Bermuda, said: ?One of the cornerstones of the bank?s reputation has been the delivery of a full range of wealth management solutions through our fiduciary companies. With today?s announcement comes the means by which our trust colleagues around the world can book business in Bermuda.?