19 February 2018

Carey Olsen advises Butterfield as it strengthens its banking and custody operations

A cross-jurisdictional Carey Olsen team has advised Butterfield on its acquisition of Deutsche Bank's banking and custody business in Guernsey, Jersey and the Cayman Islands.

Butterfield is a leading provider of offshore banking and wealth management services in six international locations, including Guernsey and the Cayman Islands. The acquisition, which is subject to regulatory approval, would further expand Butterfield's presence in the Channel Islands by providing a Jersey presence for the group.

Working alongside Sullivan & Cromwell LLP who were lead counsel, Carey Olsen advised on all aspects of the transaction including corporate, regulatory, employment and property matters.

The Carey Olsen team advising Butterfield was led by James Willmott (Jersey) along with partners Peter German (Jersey) and Chris Philpott (Jersey), Jarrod Farley (Cayman Islands) and Tony Lane (Guernsey). The Carey Olsen team also included counsel Huw Thomas (Jersey), senior associates Katherine Tresca (Jersey) and Arya Hashemi (Guernsey) and associate Robert Coombes (Cayman Islands).

Butterfield chairman and CEO Michael Collins said: "This acquisition represents an exciting expansion for the Butterfield group and we are grateful to the Carey Olsen team for their support in what was a complex, multi-jurisdiction transaction."

Mr Willmott commented: "It was a privilege as a cross-jurisdictional team from Carey Olsen to assist Butterfield with this notable expansion of its business. The transaction is also a reflection of a recent trend for increased M&A activity across the trust and wealth management sector, something we anticipate will continue to grow into the future."