(4th November 2003 – Europe) Banking giant HSBC has continued its rapid rate of expansion in the Americas by snapping up Bank of Bermuda for US$1.3 billion.The move follows the purchase of Lloyds TSB’s Brazilian business last month and brings the bank’s total figure for acquisitions this year to US$16 billion.
HSBC will look to leverage Bank of Bermuda’s global funds business and its private banking division which targets rich individuals making the most of that country’s low-tax environment.
Bank of Bermuda also has retail and corporate banking divisions and has assets of US$11.8 billion. Last year the bank posted a pre-tax profit of US$83.9 million.