The Bank of N.T. Butterfield & Son has purchased certain corporate and retail banking assets of HSBC Bank (Cayman).
The acquisition resulted from a strategic review by HSBC. The assets transferred had an approximate value of $0.8 billion.
HSBC will begin wind down preparations, as well as ceasing to undertake new business with immediate effect. The transfer of the assets is scheduled to be completed by the fourth quarter of 2014.
Appleby acted as Cayman Islands legal counsel for Butterfield on the deal.
Simon Raftopoulos, partner and global head of private equity at Appleby, said: “Cayman is an important financial jurisdiction for Butterfield. This acquisition further enhances Butterfield's position as a leader in financial services in the Cayman Islands and, in particular, will strengthen its community banking market presence.”
Butterfield, HSBC, Cayman, Appleby