It follows an in-depth review into the bank’s service and support structure following the integration of the former ABN Amro CI business into its Channel Islands operations.
‘It was determined that the bank can operate more efficiently by repatriating banking operations to the Channel Islands.
‘The number of new roles this created in Guernsey is 16,’ said a spokeswoman.
News of the repatriation was announced in the bank’s results for the second quarter of 2021 with net income of $39.6m. – down $2m. from the prior quarter. Among the factors stated for the decrease were redundancy costs associated with the transfer of Channel Islands banking operations from Mauritius to Butterfield’s service centre in Canada and Guernsey.
Butterfield chairman and chief executive officer Michael Collins described the results as a ‘solid’ performance and confirmed ongoing interest in potential acquisitions.
‘All of our operating jurisdictions fared relatively well during the pandemic as airports and sea borders closed, a testament to the indigenous wealth and strong domestic economies of small island nations,’ he said.
‘International business in Bermuda, Cayman and the Channel Islands was largely unaffected due to the success of remote working models.’
There were also improvements in tourism and business volumes across Butterfield’s markets as vaccinations rose.
But offshore economies may ‘regress somewhat’ if variants emerge during the winter months, impacting flight capacity.
Mr Collins also said: ‘We continue to explore potential acquisition targets with an emphasis on private trust and in-market banking opportunities and will keep the market apprised of any developments as appropriate.’