Butterfield Bank today announced the departure, effective immediately, of Daniel Frumkin, bank group chief operating officer.

“Dan is stepping down to pursue other opportunities,” said Michael Collins, Butterfield’s chairman and chief executive officer. “We are grateful for his significant contributions during his tenure with the bank. Since joining Butterfield in 2010, Dan has concentrated his considerable abilities initially on the restructuring of loan and investment assets and later on our initial public offering in 2016. Most recently, he has focused his efforts on corporate development through acquisitions. On behalf of the board of directors, I would like to thank Dan for his many contributions and wish him the best of luck in his future endeavours.”

As a result of this departure, Michael Neff, managing director Bermuda, will lead the company’s international trust business. Richard Saunders, managing director Channel Islands, will assume responsibility for international corporate banking, and Michael McWatt, managing director Cayman Islands, will manage operations for Bermuda and Cayman. Michael Schrum, group chief financial officer, will oversee corporate development and information technology.

Mr Frumkin will continue to be available to the bank’s senior management to ensure a seamless transition.

Mr Collins added: “With the announcement of the recent acquisition of ABN AMRO (Channel Islands) Limited, our immediate goal is to complete the acquisition and integration so that we can continue to grow our banking business in the Channel Islands and deliver shareholder value.”