HSBC Bank Bermuda
| Company type | Subsidiary |
|---|---|
| Industry | Financial services |
| Predecessor | Bank of Bermuda Limited |
| Founded | 1889 in Bermuda |
| Founder | Bermudian businesspeople |
| Headquarters | Bermuda , Bermuda |
Area served | Bermuda, international markets (historically) |
Key people | Steve Banner (CEO since 2018), Mark Watkinson (former CEO) |
| Products | Retail banking, corporate banking, investment solutions, custody, fund administration, wealth management, commercial banking, global banking and markets |
| Parent | HSBC Group |
| Website | www |
HSBC Bank Bermuda Limited, previously known as the Bank of Bermuda Limited, is a financial institution based in Bermuda that provides a range of services including retail and corporate banking, investment solutions, custody, and fund administration to both local and international clientele. After being acquired by the HSBC Group in 2004, the bank shifted its primary focus towards fund management and private banking. It divested a significant portion of its operations in the Cayman Islands in 2014 and withdrew from private banking entirely by April 2016. Currently, its main business segments encompass retail banking wealth management (featuring HSBC Asset Management and Premier banking), commercial banking, and global banking and markets, which collectively contribute to over 90% of its income.
Establishment
The Bank of Bermuda was established in 1889 by Bermudian businesspeople aiming to rival N. T. Butterfield & Son. It acquired a branch initially set up by the Merchants' Bank of Halifax in 1886 and was officially incorporated a year later in 1890.
HSBC Group Takeover
Prior to its 2004 acquisition by the HSBC Group, the Bank of Bermuda maintained operations across 17 prominent financial and offshore centers worldwide, including locations such as Bahrain, Cayman Islands, Dublin, Guernsey, Hong Kong, Isle of Man, Japan, Jersey, London, Luxembourg, New York, New Zealand, Singapore, South Africa, and Switzerland. HSBC's bid valued the bank at approximately US$1.3 billion. Following the takeover, most of its international branches were merged into existing HSBC offices.
In 2015, HSBC Bermuda divested its Trust and Investment Business to N. T. Butterfield & Son.
Steve Banner took over as CEO from Mark Watkinson in 2018 after the bank introduced Bermuda’s first US Treasury Fund.
Operations
By 2009, HSBC Bank Bermuda controlled about 41% of the deposit market share within Bermuda, ranking second to Butterfield Bank, which held 51%.