Bank of N.T. Butterfield & Son Limited (“Butterfield”) has announced that it has completed the acquisition of ABN AMRO (Channel Islands) Limited, the Channel Islands-based banking subsidiary of ABN AMRO Bank N.V., following receipt of all regulatory approvals.
ABN AMRO CI has been renamed Butterfield Bank (Channel Islands) Limited with immediate effect.
Over the next 12 months, Butterfield anticipates that BBCI will be fully integrated with Butterfield Bank (Guernsey) Limited, which has operated in the Channel Islands for more than 45 years, and all of Butterfield’s Guernsey banking clients will be served by the combined bank.
Michael Collins, Butterfield’s Chairman and Chief Executive Officer, 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.
“I am particularly pleased to welcome our new colleagues in the Channel Islands to Butterfield. The team has a well-earned reputation for innovation and excellent client service, which we intend to continue in our goal to deliver superior products and service to our customers. As we initiate our integration plans and bring together our teams and systems, we remain focused on delivering a seamless transition to employees and customers. We are committed to communicating with stakeholders our integration progress in a transparent and timely manner. We look forward to growing Butterfield in the Channel Islands together.”
BBCI will operate within the Butterfield group as integration plans for clients and personnel within a combined Butterfield Guernsey bank are being rolled out. Consequently, there are no immediate changes to relationship management contacts.
