Butterfield Bank has completed the orderly wind down of its London-based private banking business and discontinued its deposit-taking and investment management services in Britain.

It will continue to provide a high-net worth residential mortgage service in London through its British subsidiary, which has changed its name from Butterfield Bank (UK) Ltd to Butterfield Mortgages Ltd.

“In February 2016, we announced our intention to wind-down the Bank’s sub-scale private banking business in the highly competitive London market, with a view to deploying capital and resources to our core community banking and wealth management operations in other jurisdictions,” said Michael Collins, Butterfield’s chief executive officer.

“Our professional team at Butterfield Bank (UK) worked closely with clients to complete an efficient wind-down of our banking and investment management businesses in the UK.

“Butterfield Mortgages Ltd 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.”

Mr Collins added: “From a balance sheet perspective, Butterfield Mortgages Ltd will provide our highly liquid Guernsey bank with low-risk, floating rate sterling loans to invest its sterling deposits.”

As of December 21, 2016, Butterfield’s UK subsidiary was no longer regulated by the Prudential Regulation Authority, however, it continues to be regulated by the Financial Conduct Authority.