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HSBC Plans Cayman Banking Divestment

by Mike Godfrey, Lowtax.net, Washington
16 July, 2014

HSBC has announced its intention to leave the Cayman Islands by the end of the year. Its operations in the Cayman Islands are being divested to Butterfield Bank (Cayman) Limited.

HSBC Cayman will now commence winding down preparations, including ceasing to take on new business with immediate effect.

Brendan McDonagh, Butterfield's Chairman & Chief Executive Officer, said: "Cayman is an important financial jurisdiction and a key domestic market for Butterfield. Over four decades, Butterfield has invested in the growth and development of the bank in Cayman, and we are proud of our position as one of the largest community banks."

"We are committed to providing banking innovation and leadership in Cayman, and by welcoming customers of HSBC to the Butterfield family, we are continuing to strengthen our community banking market presence."

"This transaction strengthens our core business and market position in Cayman and is in keeping with our Group strategy of deploying capital to business development in core markets and businesses in which we have the scale and expertise to drive long-term growth."

Conor O'Dea, Butterfield Senior Executive Vice President and Managing Director in Cayman, said: "Butterfield is pleased to be in a position to accommodate HSBC's customers in Cayman, and we welcome them to the Bank. Our team is committed to ensuring that the transfer of business is seamless."

HSBC also announced recently that it would sell its Swiss private banking business to Liechtenstein financial institution LGT Group Foundation.

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