Butterfield completes ABN AMRO acquisition

Thursday 25 July 2019

Butterfield Bank has completed its acquisition of ABN AMRO.

Earlier this month, ABN AMRO was officially renamed Butterfield Bank Channel Islands Limited (BBCI).

Over the next year the bank aims to fully integrate BBCI with Butterfield Bank Guernsey Limited, which has operated in the Channel Islands for more than 45 years. All of Butterfield's banking clients in the island will be served by the combined branch.

"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 Butterfield's Chairman and Chief Executive Officer Michael Collins.

"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.

"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 and integration plans for clients and personnel are being rolled out.