News Column

HSBC Strikes Deal To Sell Most Of Its Cayman Islands Business

July 8, 2014

Steve McGrath

LONDON (Alliance News) - HSBC Holdings PLC Wednesday said its Cayman Islands subsidiary will sell most of its corporate and retail banking business to Butterfield Bank (Cayman) Ltd, and will also start to prepare to wind itself down.

The bank didn't give any financial details for the asset sale, but said the wind-down preparation will include stopping taking any new business immediately and looking to minimise the impact on any remaining customers.

The assets being sold had a gross value of USD0.8 billion on March 31. HSBC Cayman's assets on the same date were worth about USD1.4 billion.

HSBC said it expects the deal to be completed in the fourth quarter of the year.

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Source: Alliance News

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