The Bank of N.T. Butterfield & Son, an offshore bank and trust company headquartered in Bermuda with significant operations in the Cayman Islands and Channel Islands, completed the acquisition of ABN AMRO (Channel Islands), the Channel Islands-based banking business of ABN AMRO Bank through its wholly owned subsidiary, Butterfield Bank (Guernsey), a company incorporated in Guernsey for $208m. The transaction combines two banking operations in the Channel Islands to create an organization 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 significantly 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. “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," Michael Collins, Butterfield’s Chairman and Chief Executive Officer.