Dutch Bank ABN AMRO selling CI business to Butterfield
DUTCH bank ABN AMRO is selling its Guernsey-based Channel Islands business to Butterfield.
ABN’s local business and workforce of around 130 people will be integrated with Butterfield’s Guernsey operations once the deal is completed. The sale is expected to be finalised before the end of the third quarter of this year – subject to regulatory approvals.
Michael Collins, Butterfield’s chairman and chief executive officer said: ‘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 and expertise.
‘It underscores our continuing commitment to expand Butterfield’s presence in the Channel Islands and the importance of these two jurisdictions to our multinational clients.'
He added: ‘This represents an excellent opportunity for clients and employees, and we look forward to welcoming our new colleagues to Butterfield. Together, we bring long histories of client service at the highest level.’
Pieter van Mierlo, CEO of ABN AMRO Private Banking, said: ‘We are a leading private bank in Northwest Europe and are currently investing in, and further integrating, our activities across our core markets. The wealth management market is fast changing and consolidating further as scale is becoming more important.
‘As communicated at our investor day in November 2018, in private banking we focus on onshore private banking, pursuing organic and inorganic growth in our core markets.
'We concluded that the transfer of our activities in Channel Islands to Butterfield would be a logical fit with this strategy and in the best interest of clients and staff.’
With the addition of ABN AMRO Channel Islands, Butterfield will significantly expand its presence locally. ABN AMRO Channel Islands manages more than seven billion euros in client assets.
Last year, Butterfield chief executive officer Michael Collins told the Guernsey Press that his bank was on the lookout for further acquisitions.
The Channel Islands could become a key plank of its business along with Bermuda and Cayman, he said. Previously, Butterfield purchased Deutsche Bank's global trust business - including an office in Guernsey.