ABN AMRO (Channel Islands) has been renamed Butterfield Bank (Channel Islands)(BBCI) following the completion of the acquisition after securing all regulatory approvals.
The Bermuda-based Butterfield pursued the acquisition through its Guernsey-based subsidiary to create an organisation with a broadened and diversified offering, and the ability to serve a wider range of clients across the world.
The acquired business offers banking, investment management and custody products to trusts, funds, and private clients. As of 31 December 2018, the bank’s deposits were £2.9bn while its assets under management and custody were £3.5bn.
Its acquisition by Butterfield is expected to help it with a more extensive loan product offering and the opportunity to extend its services to the private equity and insurance sectors.
Butterfield expects BBCI to be integrated fully over the next 12 months with Butterfield Bank (Guernsey), which has been operating in the Channel Islands for over 45 years. All of Butterfield’s Guernsey banking clients will be handled by the combined bank.
BBCI will be operating within the Butterfield group with integration plans for clients and personnel within the Guernsey bank being rolled out.
Butterfield chairman and CEO Michael Collins said: “We are excited to close the acquisition of ABN AMRO’s banking business in the Channel Islands, which is progressing generally as planned and consistent with our expectations announced on 25 April 2019.
“Butterfield’s combined and expanded banking presence in Guernsey and Jersey now represents a substantial part of our group’s banking business and supports our view of the Channel Islands as a leading international financial centre and a growth market for Butterfield.”
For ABN AMRO, the sale of its Channel Islands operations marks the completion of the planned divestment of several of its private-banking activities.
Recently, ABN AMRO completed the sale of a stake of 75% in mortgage service provider Stater to Infosys for €127.5m (£114.46m). Stater provides pure-play, end-to-end mortgage administration services in the Netherlands, Belgium, and Germany.
