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Butterfield completes HSBC units migration

Butterfield Bank has completed its acquisition and migraton of HSBC Bermuda trust and investment business

Butterfield Bank has successfully transitioned former HSBC Bermuda employees, their clients and accounts to its operations following the bank’s acquisition of the Bermuda Trust Company and HSBC Bermuda’s private banking investment management operations.

Butterfield made the announcement in statement.

Last October the bank said it had reached an agreement to acquire the trust and investment business of HSBC Bermuda, along with a separate agreement to take on select private banking clients through referrals from HSBC Bermuda.

“I would like to take this opportunity to thank and commend personnel from both organisations who worked so hard on the transition and integration,” said Michael Collins, Butterfield’s chief executive officer.

“The common priority for both the HSBC Bermuda and Butterfield teams has always been client satisfaction and we were committed to a seamless transfer of client relationships.

“Former HSBC Bermuda clients can look forward to continuing to work with the same wealth management and trust professionals whom they’ve come to know and trust with their financial affairs.

“With the acquisition complete, we have added considerable strength to our wealth management team. Butterfield now has the largest group of trust professionals, private bankers, and asset managers in Bermuda, offering a comprehensive range of financial products and services to meet the needs of virtually all high net worth clients and their advisers. We are confident that clients will be pleased with the breadth and quality of services available at Butterfield.”

In a statement the bank said its acquisition of the HSBC Bermuda’s trust and investment business personnel and clients was consistent with its growth strategy “that will see continued investment by the bank in core businesses and markets where it has expertise, scale and a long history of success.”

Butterfield said the transaction was a third milestone event of that strategy, with the bank having acquired the trust and fiduciary services business of Legis Group in Guernsey and select corporate and personal banking business from HSBC Cayman in 2014.