Bank of Butterfield is growing its presence in Guernsey with the purchase of Deutsche Bank's banking and custody business in Guernsey, Jersey and the Cayman Islands.

Deutsche Bank said it had made a strategic decision to sell its islands' business and refer clients to Butterfield to transfer their banking relationships. Most of the staff at Deutsche Bank will be offered positions with Butterfield, which has been in Guernsey for some 45 years.

Last year Butterfield bought Deutsche Bank's trust business in Guernsey, Cayman Islands, Switzerland, Singapore and Mauritius.

"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," said Richard Saunders, Managing Director of Butterfield (Bank) Guernsey. "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 this year, subject to all regulatory approvals.

Butterfield Grows In Guernsey With Acquisition Of Deutsche Bank's Banking And Custody Business

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