Butterfield Bank has signed an agreement to acquire certain parts of HSBC’s corporate and retail banking operations in the Cayman Islands.

Butterfield Bank (Cayman) operates as a wholly owned subsidiary of The Bank of NT Butterfield & Son.

The assets being transferred from HSBC to Butterfield Bank have been valued at $800m, which is likely to conclude during the fourth quarter of 2014.

Butterfield chairman and CEO Brendan McDonagh said, "Cayman is an important financial jurisdiction and a key domestic market for Butterfield."

"Over four decades, Butterfield has invested in the growth and development of the Bank in Cayman, and we are proud of our position as one of the largest community banks."

HSBC is divesting its Cayman business following a strategic review. The business will also start wind down preparations and stop to undertake new businesses with immediate effect, as well as minimize the impact on the remaining customers during this period.

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