(Reuters) - HSBC Bank Bermuda Ltd, a subsidiary of HSBC Holdings (L:HSBA), has agreed to sell its Bermuda Trust Company Ltd and investment management operations in Bermuda to the Bank of N.T. Butterfield & Son Ltd.
The Bermuda trust and investment business had about $1.5 billion of assets under management and $24 billion of assets under administration as of Dec. 31, 2014, the bank said in a filing on Tuesday.
The banking portfolio had about $1.2 billion of assets under management, according to the bank.
The British lender will also refer its current private banking clients to Butterfield.
The transaction is expected to be completed in the first half of 2016.
The bank, which is speeding up a cull of unprofitable businesses and countries, recently in August sold its unprofitable operations in Brazil to Banco Bradesco S/A.
Reuters reported in August, citing sources, that HSBC is close to selling its loss-making Turkish business to Dutch lender ING Group.
Bermuda-based community bank Butterfield could not be immediately reached for comment outside regular business hours.
