Butterfield announced on February 19, 2026 that it has entered into an agreement to acquire Rawlinson & Hunter in Guernsey, a privately owned trust and corporate service provider. The deal will add roughly $9 billion of assets under administration and about 50 highly qualified staff to Butterfield’s Channel Islands operations.
The acquisition is a key component of Butterfield’s strategy to grow its fee‑based private trust business. By adding R&H Guernsey, the bank will strengthen its presence in the Guernsey market and complement its existing trust platforms in Bermuda, the Cayman Islands, Singapore and Switzerland, positioning Butterfield as a leading provider of private trust services in the Channel Islands and beyond.
The transaction is expected to close in the first half of 2026, subject to customary closing conditions and regulatory approvals. The deal value has not been disclosed, but the addition of $9 billion in assets under administration represents a significant expansion of Butterfield’s trust portfolio.
Butterfield’s recent financial performance underscores the bank’s capacity to pursue this acquisition. In the fourth quarter of 2025, the bank reported net income of $231.9 million and core net income of $237.5 million, both up from 2024. Q4 2025 net income was $63.8 million, or $1.54 per share, beating analyst expectations and reflecting strong non‑interest income from banking and trust revenue, as well as higher third‑party credit card volume incentives.
Michael Collins, Butterfield’s Chairman and CEO, said, “R&H Guernsey is a great addition to our growing private trust business, which is a significant fee revenue generator for Butterfield. This acquisition will increase Butterfield’s presence as a leading provider of private trust services in Guernsey and globally. It also demonstrates our commitment to grow through strategic M&A in jurisdictions where we have both scale and market leadership.”
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