Industry Finance and Insurance Website www.hsbc.bm CEO Mark Watkinson Number of employees 1,100 | Products Financial Services Founded 1889 | |
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Key people Philip M. Butterfield, ChairmanRichard Moseley, CEO Parent organizations HSBC, HSBC Asia Holdings B.V. Subsidiaries Kirk Management Ltd. Profiles | ||
HSBC Bank Bermuda Limited, formerly known as The Bank of Bermuda Limited, is a financial services company in Bermuda providing fund administration, trust, custody, asset management and banking services to institutions and individuals. In 2004 the HSBC Group acquired the Bank of Bermuda, which has since become a focus for certain fund management and private banking activities.
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Foundation
In 1889, Bermudian merchants founded a second bank to compete with N. T. Butterfield & Son. The Bank of Bermuda took over the branch that the Merchants' Bank of Halifax, Nova Scotia had established in 1886 to take over the agency it had awarded to N. T. Butterfield & Son Ltd. The merchants formally incorporated the Bank of Bermuda in 1890.
Bank of Bermuda joins the HSBC Group
Bank of Bermuda grew to span 17 of the world's key financial and offshore centers including Bahrain, Cayman Islands, Cook Islands, Dublin, Guernsey, Hong Kong, Isle of Man, Japan, Jersey, London, Luxembourg, New York, New Zealand, Singapore, South Africa and Switzerland prior to joining the HSBC Group's network in February 2004. Shareholders accepted an offer valuing the Bank at US$1.3 billion, the initial offer having been made on 28 October 2003. Most of Bank of Bermuda's operations in these overseas locations were amalgamated with HSBC offices in 2004.
The main business lines of the Bank of Bermuda were the traditional banking division (Retail, Commercial and Corporate), Private Client Division (Private Banking and Trust services) and finally the Global Fund Services division (Traditional and Alternative Fund administration). These divisional structures were broadly replicated to in the overseas offices.
Activities
The Bank of Bermuda has a 41% market share in terms of deposits in Bermuda, trailing Butterfield Bank at 51%.
In the local market Bank of Bermuda offers a broad range of products and services to the local community, including checking and savings accounts, transactional / payment services, debit / ATM cards, credit cards, personal and consumer loans, mortgages and home equity loans, investment and financial planning services. For the international market Bank of Bermuda offers a mix of Private Client Services, Commercial Banking, Asset Management, Global Fund Services, and Corporate, Investment Banking and Markets activities.