11 July 2014Asset management analysis

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.