Netherlands' ABN AMRO Bank to sell its Channel Islands unit for $208 mln

Dutch banking company ABN AMRO Bank N.V. has agreed to sell its Channel Islands-based banking business to Bermuda-based peer Butterfield.

Butterfield, via its wholly-owned subsidiary Butterfield Bank (Guernsey) Ltd., will buy ABN AMRO Channel Islands Ltd. for circa $208 million, subject to certain purchase price adjustments.

The move will enable ABN AMRO Channel Islands to benefit from a more extensive credit product offering and expand its service offering to the private equity and insurance industries.

With the deal, expected to close during the third quarter of 2019, subject to regulatory and other customary closing conditions, Butterfield will extend its presence in Guernsey and Jersey.