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HSBC Holdings PLC – HSBC Cayman Announcement
London, U.K. – 08 July, 2014 - HSBC Holdings plc (Ticker: HSBC.BH), has released details of an agreement to sell parts of its corporate and retail banking business in the Cayman Islands. An announcement read:
“Following a strategic review, HSBC Bank (Cayman) Limited (‘HSBC Cayman’), an indirect wholly owned subsidiary of HSBC Holdings plc, has entered into an agreement to sell parts of its corporate and retail banking business in the Cayman Islands (the ‘Business’) to Butterfield Bank (Cayman) Limited.
Gross assets of the Business as at 31 March 2014 were approximately US$0.8bn. Total assets of HSBC Cayman at the same date were approximately US$1.4bn. The transaction is expected to complete in the fourth quarter of 2014 and represents further progress in the execution of HSBC Group strategy.
HSBC Cayman will commence wind down preparations, including ceasing to undertake new business with immediate effect, and will look to minimise the impact on the remaining customers during this period.”
-ends-
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HSBC Holdings plc
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from over 6,300 offices in over 75 countries and territories in Europe, Asia, North and Latin America, the Middle East and North Africa. With assets of US$2,758bn at 31 March 2014, HSBC is one of the world’s largest banking and financial services organisations.