The Bank of N.T. Butterfield & Son Limited (Butterfield) has closed the purchase of ABN Amro Channel Islands after securing regulatory approval.

The deal, valued at £161m, was announced this April.

ABN Amro Channel Islands provides investment management, banking and custody products. It had £3.5bn in assets under management and custody at the end of December 2018.

Under the agreement, the business will be completely integrated with Butterfield Bank (Guernsey) in the coming 12 months.

The rebranding process is over, with the acquired entity now operating under the name Butterfield Bank (Channel Islands).

Currently, existing relationship management contacts, services and client online banking access will remain unchanged.

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Butterfield chairman and CEO Michael Collins said: “Butterfield’s combined and expanded banking presence in Guernsey and Jersey now represents a substantial part of our group’s banking business and supports our view of the Channel Islands as a leading international financial centre and a growth market for Butterfield.

“I am particularly pleased to welcome our new colleagues in the Channel Islands to Butterfield. The team has a well-earned reputation for innovation and excellent client service, which we intend to continue in our goal to deliver superior products and service to our customers.

“As we initiate our integration plans and bring together our teams and systems, we remain focused on delivering a seamless transition to employees and customers.”

Butterfield acquired Deutsche Bank’s banking and custody business in the Cayman Islands, Jersey and Guernsey last year.