BANK of Bermuda has become a force in the local trust market as a result of recent acquisitions from the Standard Chartered group, according to Peter Hodson, the general manager of private banking.
The bank bought out Standard Chartered's private trust business earlier this year after acquiring its corporate trust business last year. The deals involved the acquisition of about 300 staff.
The first deal, in July last year, took Bank of Bermuda's funds under administration to US$7 billion (about HK$54 billion).
'It obviously makes us a very major player in the trust business in Hong Kong from the private banking point of view,' Mr Hodson said.
'Standard Chartered and Hongkong Bank were the main local trust companies here so it was a very substantial deal for us and provided us with a substantial client base.' The Standard Chartered deals gave Bank of Bermuda a substantial private client base and extended its already big international network.
Bank of Bermuda specialises in the administration side of private banking; supplying and servicing the trusts which are a central part of many asset protection and management plans.
