Cayman Islands - 11 July 2014 - Leading offshore law firm and fiduciary group, Appleby (Cayman) Ltd. (Appleby) acted as Cayman Islands legal counsel for its longstanding client, The Bank of N.T. Butterfield & Son Ltd (Butterfield), in connection with the purchase from HSBC Bank (Cayman) Limited (HSBC) of certain corporate and retail banking assets in the Cayman Islands.
The Appleby team was led by Simon Raftopoulos, Partner and Global Head of Private Equity, Andrew Bolton, Partner and Global Head of Litigation & Insolvency, assisted by Associates Jacob MacAdam and Dennis Batur.
Simon Raftopoulos commented: “Cayman is an important financial jurisdiction for Butterfield. This acquisition further enhances Butterfield's position as a leader in financial services in the Cayman Islands and, in particular, will strengthen its community banking market presence.”
The acquisition comes as a result of a strategic review by HSBC with the assets to be transferred having an approximate value of US$0.8bn. HSBC will begin wind down preparations, as well as ceasing to undertake new business with immediate effect. The transfer of the assets is scheduled to be completed by the fourth quarter of 2014.