Butterfield to acquire ABN AMRO's Channel Islands business

The Bank of N.T. Butterfield & Son Limited has agreed to buy the Channel Islands-based banking business of ABN AMRO for approximately £161m in cash ($208m). The bank, based in Hamilton, Bermuda, hopes that the acquisition of ABN AMRO Channel Islands will significantly expand its presence in Guernsey and Jersey. "In ABN AMRO Channel Islands, we have found an ideal partner through which to expand our core Channel Islands banking business. This acquisition is another important step in our strategy to grow through acquisitions in the highest quality offshore markets where we have scale an...