Butterfield Guernsey has announced it is buying the Channel Islands banking business branch of the Dutch owned ABN AMRO, in a deal worth around £161million.
An agreement has been reached but the transaction should be finalised during the third quarter of 2019, when the ABN AMRO Channel Islands business and employees will all be integrated into the existing Butterfield Guernsey operations and operate under the Butterfield name. Goldman Sachs & Co. LLC is serving as financial advisor to Butterfield, and Sullivan & Cromwell LLP is serving as legal counsel. Rothschild & Co. is serving as financial advisor to ABN AMRO and Allen & Overy LLP is serving as legalcounsel.
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.
“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.”
Pictured: Michael Collins.
ABN AMRO first established a Guernsey office 35 years ago, and as at December 31, 2018, ABN AMRO Channel Islands had a client base with £2.9 billion in deposits and £3.5 billion in assets under management and custody.
Pictured: ABN AMRO's Guernsey office. Image taken from ABN AMRO website.
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