HSBC makes strategic withdrawal from Cayman market

HSBC will phase out its Cayman corporate and retail banking operations, with assets to be sold off to Butterfield.

Butterfield has promised a seamless transition to HSBC clients, but the move is a blow for HSBC’s global position.

Butterfield's CEO, Brendan McDonagh said Cayman is an “important financial jurisdiction and a key domestic market” for the company.