Shareholders are being asked to elect a former top executive of HSBC's Americas business as the chairman ofThe Bank of NT Butterfield & Son.

The Bermuda-headquartered bank has nominated Brendan McDonagh, former chief executive of HSBC North America and group managing director of HSBC Holdings, as its executive chairman. The election is due to be held on 1 May this year.

Robert Mulderig has decided to retire from the board at the conclusion of the 2012 annual meeting as part of the intended board transition, as previously disclosed last year. Mulderig has served as a non-executive director since 1996 and was appointed as chairman in 2007.

McDonagh is a career banker with extensive international experience in consumer finance, retail and commercial banking and wealth management. He began his career with HSBC in London. After holding a series of senior posts he was named CEO of HSBC North America Holdings and group managing director, HSBC Holdings in 2008.