Printer Friendly

Butterfield Closes GBP 161m Acquisition of Banking Operations of ABN AMRO.

MANews-(C)2009-2019

15 July 2019 - Bermuda-based offshore bank and trust company Bank of N.T. Butterfield and Son Ltd. (NYSE: NTB) (BSX: NTB.BH), with significant operations in the Cayman Islands and Channel Islands, has closed the acquisition of ABN AMRO (Channel Islands) Ltd., the Channel Islands-based banking business of ABN AMRO Bank N.V. through its wholly owned subsidiary, Butterfield Bank Ltd., a incorporated in Guernsey, the company said.

The aggregate purchase price is approximately GBP 161m in cash (USD 208m). The cash consideration payable at the closing is expected to be financed with cash on Butterfield's balance sheet.

The transaction combines two leading banking operations in the Channel Islands to create an organisation with a widened and diversified offering, as well as the ability to service a broader array of clients around the globe.

With the acquisition of ABN AMRO Channel Islands, Butterfield will 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.

ABN AMRO Channel Islands offers banking, investment management and custody products to three distinct client segments, including trusts, private clients, and funds.

Butterfield is a full-service bank and wealth manager, providing services to clients from Bermuda, the Cayman Islands, Guernsey and Jersey.

Goldman Sachs and Co. LLC is serving as financial advisor to Butterfield, and Sullivan and Cromwell LLP is serving as legal counsel. Rothschild and Co. is serving as financial advisor to ABN AMRO and Allen and Overy LLP is serving as legal counsel.

Country: Channel Islands

Sector: Banking/Financial Services

Target: ABN AMRO (Channel Islands) Ltd

Buyer: Bank of N.T. Butterfield and Son Ltd

Vendor: ABN AMRO Bank N.V.

Deal size in USD: 208m

Type: Corporate Acquisition

Financing: Cash

Status: Closed

Buyer advisor: Goldman Sachs and Co , Sullivan and Cromwell ,

Comment: Terms of the deal were not disclosed

COPYRIGHT 2019 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2019 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:M & A Navigator
Geographic Code:4EUUC
Date:Jul 15, 2019
Words:331
Previous Article:Crane Will Cease Efforts to Acquire Circor International.
Next Article:TrueDigital to Acquire DCM and SEF Registrations from TrueEX.
Topics:

Terms of use | Privacy policy | Copyright © 2020 Farlex, Inc. | Feedback | For webmasters