Butterfield to buy Deutsche Bank’s banking and custody business in Guernsey, Jersey and Cayman
BUTTERFIELD is buying Deutsche Bank’s banking and custody business in Guernsey, Jersey and the Cayman Islands.
To assist with the transition, as well as the ongoing management and growth of the acquired business, Butterfield intends to offer positions to a majority of those Deutsche Bank employees available to transfer along with the acquired business. This includes employees in Mauritius who provide operations and support services to the Cayman and Channel Islands banking and custody businesses.
‘Butterfield has operated in Guernsey for 45 years, and it is exciting to be planning the expansion of our banking presence in the Channel Islands,’ said Richard Saunders, managing director of Butterfield (Bank) Guernsey Limited.
‘We are looking forward to the opportunity to build the Butterfield brand in Jersey and to welcoming our new colleagues to the group. Both Guernsey and Jersey are important international finance centres with huge potential for growth, and expansion in these markets is a key part of Butterfield’s strategic plan.'
Michael Collins, Butterfield’s chairman and chief executive officer, said the company was focused on building shareholder value through organic growth and the acquisition of businesses that fit with its core competencies in high-quality offshore markets.
‘And with this banking transaction, we will gain a presence in Jersey to complement our existing Guernsey-based Channel Islands bank, giving us increased scale and the opportunity to realise operational economies in the region.'
Deutsche Bank said it had made a ‘strategic decision’ to sell the business as it seeks to make its operations more efficient.
The transaction is expected to close in stages during 2018, subject to all regulatory approvals and other customary closing conditions. Butterfield previously announced in October 2017 that it had reached an agreement to acquire Deutsche Bank’s Global Trust Solutions business with operations in the Cayman Islands, Switzerland, Guernsey, Singapore and Mauritius.