Butterfield To Wind Down UK Private Bank
In a filing with the Bermuda Stock Exchange, the Bank of N.T. Butterfield & Son Limited announced the winding down of UK Private Bank.
The filing stated: The Bank of N.T. Butterfield & Son Limited today announced that it has commenced an orderly wind down of the deposit taking and investment management businesses of its wholly owned London subsidiary, Butterfield Bank [UK] Limited [which operates in the United Kingdom under the trade name Butterfield Private Bank]. The Butterfield Group will maintain a mortgage lending business in the UK, subject to regulatory approval.
“The Butterfield Group’s growth strategy is focused on markets where it has a substantial presence and can achieve economies of scale.
“As evidenced by recent acquisitions in Guernsey, the Cayman Islands and Bermuda, the Group will deploy its resources to invest in community banking and wealth management in high quality offshore jurisdictions. The scale and scope of the deposit taking and investment management businesses in London were not consistent with Butterfield Group’s growth strategy.
“Butterfield Private Bank is fully funded to return all investments and cash balances to clients and has worked with its regulators to formulate a plan for doing so in an efficient and orderly way.
“Clients will be contacted directly by Butterfield Private Bank with respect to the transfer of their deposits and investments to other financial institutions or other entities within the Butterfield Group, as appropriate.”
