HSBC Bank Bermuda Limited, formerly known as The Bank of Bermuda Limited, is a financial services company in Bermuda providing fund administration, trust, custody, asset management and banking services to institutions and individuals. In 2004 the HSBC Group acquired the Bank of Bermuda, which has since become a focus for certain fund management and private banking activities. In 1889, Bermudian merchants founded a second bank to compete with N. T. Butterfield & Son. The Bank of Bermuda took over the branch that the Merchants' Bank of Halifax, Nova Scotia had established in 1886 to take... over the agency it had awarded to N. T. Butterfield & Son Ltd. The merchants formally incorporated the Bank of Bermuda in 1890. Bank of Bermuda grew to span 17 of the world's key financial and offshore centers including Bahrain, Cayman Islands, Cook Islands, Dublin, Guernsey, Hong Kong, Isle of Man, Japan, Jersey, London, Luxembourg, New York, New Zealand, Singapore, South Africa and Switzerland prior to joining the HSBC Group's network in February 2004. Shareholders accepted an offer valuing the Bank at US$1.3 billion, the initial offer having been made on 28 October 2003.
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