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The Bank of N.T. Butterfield & Son Limited are to buy Deutsche Bank’s banking and custody business in the Cayman Islands, Guernsey and Jersey for an undisclosed sum.
Deutsche's clients will be referred to Butterfield, which has operated in Cayman and Guernsey for over 50 and 45 years respectively.
Butterfield say they intended to offer positions to a majority of Deutsche Bank employees who are available to transfer along with the acquired business. This includes employees in Mauritius who provide operations and support services to the Cayman and Channel Islands banking and custody businesses.
Commenting on the planned acquisitions of the Deutsche Bank businesses, Michael Collins, Butterfield’s Chairman and Chief Executive Officer said: “Butterfield is focused on building shareholder value through both organic growth and the acquisition of businesses that fit our core banking, wealth management and trust competencies in high quality offshore markets. The acquisition of Deutsche Bank’s Global Trust Solutions business announced in October will provide Butterfield with a Singapore trust company. We have long had an interest in establishing operations in Singapore to support the growth of our legacy Trust business in Asia. And with this banking transaction, we will gain a presence in Jersey to complement our existing Guernsey-based Channel Islands bank, giving us increased scale and the opportunity to realise operational economies in the region.
“We look forward to welcoming Deutsche Bank’s clients to Butterfield, along with the employees who are familiar with their accounts, and we are committed to ensuring that their transition to Butterfield is straightforward and seamless.”
Fabrizio Campelli, Global Head of Deutsche Bank Wealth Management, said: “We are continuing to simplify our organisation and make our business more efficient for the benefit of our clients. This transaction represents another important milestone in repositioning Wealth Management for growth in our core markets.”
Richard Saunders (pictured), Managing Director of Butterfield (Bank) Guernsey Limited, added: “Butterfield has operated in Guernsey for 45 years, and it is exciting to be planning the expansion of our banking presence in the Channel Islands. We are looking forward to the opportunity to build the Butterfield brand in Jersey and to welcoming our new colleagues to the Group. Both Guernsey and Jersey are important international finance centres with huge potential for growth, and expansion in these markets is a key part of Butterfield’s strategic plan.”
The transaction is expected to close in stages during 2018, subject to all regulatory approvals and other conditions.
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