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ABN AMRO Completes Channel Islands Business Sale
The bank has sold its Channel Islands business to Butterfield.
ABN AMRO, the
Netherlands-based banking group, has concluded the sale of its
business in the Channel Islands to Butterfield.
The agreement to sell ABN AMRO (Channel Islands) Limited was
originally announced in April this year.
The sale of ABN AMRO’s Channel Islands operations concludes the
planned divestment of several of the bank’s private-banking
activities.
The bank has consolidated its business in recent years, such as
spinning off its Asian private bank to Liechtenstein's LGT Group
(that deal concluded in 2017). On the other hand, and as part of
an intensified focus on its core European markets, ABN AMRO in
late 2013 bought the German private banking unit of Credit
Suisse.
ABN AMRO Private Banking operates under local brands such as ABN
AMRO MeesPierson in the Netherlands, Neuflize OBC in France and
Bethmann Bank in Germany, overseeing a total of more than €197
billion ($222.3 billion) in client assets. Most recently, ABN
AMRO bought the activities of Societe Generale Private Banking
Belgium.
The lender added that the deal will slightly increase its Common
Equity Tier 1 ratio, a standard measure of a bank's capital
buffer.
