The Bank of N.T. Butterfield & Son (Butterfield) has concluded the wind down of its London-based private banking operations and discontinued its deposit-taking and investment management services in the UK.

The bank will however, retain its high net worth residential mortgage service in London through its UK subsidiary, which rebranded to Butterfield Mortgages from Butterfield Bank (UK).

Butterfield CEO Michael Collins said that the deal, announced in February 2016, was done with a view to allocate capital and resources to the bank’s core community banking and wealth management businesses in other markets.

“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,” Collins said.