Butterfield Wind Down London Private Banking
The Bank of N.T. Butterfield has completed the orderly wind-down of its London-based private banking business and has fully discontinued its deposit-taking and investment management services in the UK.
Butterfield will continue to provide a high net worth residential mortgage service in London through its UK subsidiary, which has changed its name from Butterfield Bank [UK] Limited to Butterfield Mortgages Limited.
As of 21 December 2016, Butterfield’s UK subsidiary is no longer regulated by the Prudential Regulation Authority but will continue to be regulated by the Financial Conduct Authority.
Michael Collins, Butterfield’s Chief Executive Officer, said “In February 2016, we announced our intention to wind-down the Bank’s sub-scale private banking business in the highly competitive London market, with a view to deploying capital and resources to our core community banking and wealth management operations in other jurisdictions.
“Our professional team at Butterfield Bank [UK] Limited worked closely with clients to complete an efficient wind-down of our banking and investment management businesses in the UK.
“Butterfield Mortgages Limited has retained a highly experienced team of residential mortgage specialists with strong connections in the London real estate market, developed over many years.
“As part of our global wealth management service, we will continue to assist high net worth families, based in the UK and internationally, with the acquisition of unique properties in the most desirable neighbourhoods in central London. From a balance sheet perspective, Butterfield Mortgages Limited will provide our highly liquid Guernsey bank with low-risk, floating rate Sterling loans to invest its Sterling deposits.”
This is happening all over the world….even in Switzerland….too much regulation and the high net worth customers go somewhere else to hide their funds!