Butterfield buys ABN AMRO’s CI operations
BUTTERFIELD Bank is buying ABN AMRO’s Channel Islands’ operations for £161 million, subject to regulatory approval.
Private bank ABN AMRO, which is based in north-west Europe, has been established in Guernsey for over 35 years. Ceo Pieter van Mierlo said: ‘We 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. 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 the Channel Islands to Butterfield would be a logical fit with this strategy and in the best interests of clients and staff.’
Butterfield is headquartered in Bermuda and publicly traded on the New York Stock Exchange. Last year the bank secured Deutsche Bank’s banking business in Jersey, Guernsey and Cayman.
With the acquisition of ABN AMRO Channel Islands, Butterfield will significantly expand its presence in Guernsey and Jersey. For ABN AMRO Channel Islands, the transaction will bring the benefits of a more extensive loan product offering, as well as the opportunity to extend its service offering to the private equity and insurance industries.
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. ABN AMRO Channel Islands brings a conservative risk management culture, similar to that of Butterfield, and will contribute both management talent and sales expertise to our combined business.’