Butterfield to acquire ABN AMRO Channel Islands for approximately $208M
The Bank of N.T. Butterfield & Son announced that it has entered into a definitive agreement to acquire ABN AMRO (Channel Islands) Limited, the Channel Islands-based banking business of ABN AMRO Bank N.V. through its wholly owned subsidiary, Butterfield Bank Limited, a company incorporated in Guernsey. The aggregate purchase price is approximately $208M, subject to certain purchase price adjustments. The transaction is anticipated to close during the third quarter, subject to regulatory and other customary closing conditions. After the Closing, ABN AMRO Channel Islands business and employees will be integrated with the existing Butterfield Guernsey operations and operate under the Butterfield name.