HSBC Bank Bermuda Limited, previously the Bank of Bermuda Limited, is a financial services company in Bermuda providing retail and corporate banking, investment, custody and fund administration services to international and local clients. In 2004 the HSBC Group acquired the Bank of Bermuda,[1] which has since become a focus for certain fund management and private banking activities. The bank sold much of its Cayman operations in 2014, and disposed its private banking operations at the end of April 2016. The three remaining divisions are retail banking wealth management (including HSBC Asset Management and Premier banking), commercial banking and global banking and markets. These three businesses represent over 90% of total revenues.
History
Foundation
In 1889, Bermudian merchants founded the Bank of Bermuda, 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.