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HSBC to buy Bank of Bermuda.
(From FT Investor (Pulses))
HSBC on Tuesday said it would increase its off-shore private banking offerings with a $1.3bn cash deal to buy Bank of Bermuda, hot on the heels of $70bn worth of mergers on Monday. Bank of Bermuda, which has assets of $11.8bn and recorded a pre-tax profit of $84m in 2002, said it would recommend the proposal to its shareholders. The deal follows Bank of America's announcement on Monday that it was buying FleetBoston for $47bn. Also in the financial services sector, Anthem agreed to buy Wellpoint Health Networks for $16.4bn to form the biggest US health …
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