The Bank of N.T. Butterfield & Son Limited (Butterfield) has closed the purchase of ABN Amro Channel Islands after securing regulatory approval.
ABN AMRO CI has been renamed Butterfield Bank (Channel Islands) Ltd, the company announced. ABN Amro Channel Islands provides investment management, banking and custody products. It had £3.5bn in assets under management and custody at the end of December 2018.
Under the agreement, the business will be completely integrated with Butterfield Bank (Guernsey) in the coming 12 months.
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"
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 April 25, 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."
He added: "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."
Currently, existing relationship management contacts, services and client online banking access will remain unchanged.
The deal, valued at £161m, was announced this April.