|Butterfield to buy part of HSBC Cayman|
Butterfield Bank (Cayman) has absorbed more than half of HSBC Cayman’s corporate and retail banking business in the Cayman Islands, though both banks have declined to say whether this will result in staff layoffs locally. “As discussions are still underway with our employees in this regard, it would be inappropriate for us to comment,” an HSBC spokesperson told CNS Business. However, the bank did say that decision to close HSBC Cayman was made in isolation based upon Cayman's own prospects and strategic relevance to the Group. The agreement forms part of the Group’s ongoing review of all HSBC businesses against strategic filters.
The opinions expressed do not constitute investment advice and specialist advice should be sought about your specific circumstances.
Published on our website on July.14, 2014