Butterfield completes acquisition of ABN AMRO's Channel Islands business
BUTTERFIELD has completed the acquisition of ABN AMRO’s Channel Islands business – which employs around 130 people - following receipt of all regulatory approvals.
Guernsey-based ABN AMRO CI, the Channel Islands-based banking subsidiary of ABN AMRO Bank N.V., has now been renamed Butterfield Bank (Channel Islands) Limited. Over the next 12 months, Butterfield anticipates BBCI will be fully integrated with Butterfield Bank (Guernsey) Limited, which has operated in the Channel Islands for more than 45 years.
All of Butterfield’s Guernsey banking clients will be served by the combined bank.
‘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 25 April 2019,’ said Michael Collins, Butterfield’s chairman and chief executive officer.
‘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.’
BBCI will operate within the Butterfield group as integration plans for clients and personnel within a combined Butterfield Guernsey bank are rolled out. Consequently, there are no immediate changes to relationship management contacts, products or services and client online banking access will now be available at https://shore.butterfieldonline.gg.