The Bank of N.T. Butterfield & Son (Butterfield) has decided to shut down its wholly owned London subsidiary, Butterfield Bank [UK] Limited – which operates in the UK under the trade name Butterfield Private Bank.
The bank in a filing with the Bermuda Stock Exchange revealed that it has started an orderly closure of the deposit taking and investment management businesses of its UK private bank.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The bank will contact its clients directly regarding the transfer of their deposits and investments to other financial institutions or other entities within the Butterfield Group.
The bank added that the Butterfield Private Bank’s scale and scope were not consistent with Butterfield Group’s growth strategy.
The bank, however, will continue to retain its mortgage-lending business in the UK following approval by regulators.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
