30 April 2019

Carey Olsen advises ABN AMRO on sale of Channel Islands operations

Lawyers from Carey Olsen have advised ABN AMRO on the sale of its Channel Islands operations to Butterfield Bank (Butterfield).

The transaction, which is subject to regulatory approval, is expected to close during the third quarter of this year. After the closing, ABN AMRO Channel Islands business and employees will be integrated with the existing Butterfield Guernsey operations and operate under the Butterfield name.

The Carey Olsen team advised ABN AMRO from the early stages of the transaction, including assisting with an auction sale process and drafting the initial sale and purchase agreement.  Carey Olsen worked with lead counsel Allen & Overy LLP to finalise the deal and advised on local regulatory and competition law issues. The team was led by Guernsey partner Tony Lane with assistance from Jersey partner James Willmott, senior associates Arya Hashemi and James Cooke and associate Kristina Mikhaylova.

Mr Lane said: "We are pleased to have assisted ABN AMRO on the successful sale of its Channel Islands operations to Butterfield. Whilst ABN AMRO's decision to sell its Channel Islands business is driven by its own strategic decision to focus on its core markets, the acquisition of that business by Butterfield underlines the continued appeal of financial services businesses in leading offshore markets. Carey Olsen recently assisted Butterfield in its acquisition of Channel Islands operations from Deutsche Bank and so we are delighted to see the bank demonstrate its commitment to the islands once again."

With the addition of ABN AMRO Channel Islands, Butterfield will significantly expand its presence in the Channel Islands. ABN AMRO Channel Islands manages more than €7 billion in client assets.

Rothschild & Co. is serving as financial adviser to ABN AMRO whilst Goldman Sachs & Co. LLC is serving as financial adviser to Butterfield.