The Bank of N.T. Butterfield & Son (Butterfield), based in Bermuda, has agreed to acquire ABN AMRO Channel Islands business in a cash deal worth around £161m.

The acquisition would be executed through Butterfield Bank (Guernsey), a unit of Butterfield.

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ABN AMRO Channel Islands tends to trusts, private clients, and funds, offering banking, investment management and custody services.

At the end of December 2018, the business’ assets under management and custody totalled £3.5bn while its deposits were £2.9bn.

The acquired entity will adopt the Butterfield brand following completion of the deal, which is expected in the third quarter of 2019.

Staff of the acquired company will join Butterfield Guernsey.

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Butterfield chairman and CEO Michael Collins said: “This acquisition is another important step in our strategy to grow through acquisitions in the highest quality offshore markets where we have scale and expertise.”

ABN AMRO expects the deal to have a “slightly positive” impact on its CET1 ratio.

The transaction is pending regulatory approval.

ABN AMRO Private Banking CEO Pieter van Mierlo said: “As communicated at our Investor Day in November 2018, in private banking we focus on onshore private banking, pursuing organic and inorganic growth in our core markets.

“We concluded that the transfer of our activities in Channel Islands to Butterfield would be a logical fit with this strategy and in the best interest of clients and staff.”

The latest deal comes shortly after ABN AMRO’s acquisition of French banking group Societe Generale’s Belgian private banking unit.