27th Oct 2015 18:43
LONDON (Alliance News) - HSBC Holdings PLC's wholly-owned subsidiary HSBC Bank Bermuda Ltd said Tuesday it has agreed to sell Bermuda Trust Co Ltd and its private banking investment management operations in Bermuda to the Bank of NT Butterfield & Son Ltd.
Additionally, it has entered into an agreement to refer its existing private banking clients to Butterfield.
As at the end of 2014 the trust and investment business had around USD24 billion of assets under administration, and USD1.5 billion of assets under management. The Banking Portfolio had around USD1.2 billion of assets under management.
HSBC expects the deal to close in the first half of 2016, subject to regulatory approval.
No further financial details were disclosed.
Shares in HSBC closed down 0.1% at 512.85 pence Tuesday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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