Daniel Frumkin, Butterfield’s group chief operating officer, has informed the bank of his decision to step down from his post with immediate effect.

As a result of this departure, Michael Neff, managing director Bermuda, will lead the company’s international trust business and Richard Saunders, managing director in the Channel Islands, will assume responsibility for international corporate banking.

Michael McWatt, Butterfield’s managing director in the Cayman Islands, will manage operations for Bermuda and Cayman, and Group Chief Financial Officer Michael Schrum will oversee corporate development and information technology.

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

Michael Collins, Butterfield’s chairman and chief executive officer, said: “Dan is stepping down to pursue other opportunities. 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,” Collins added. “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.”

The Butterfield chief executive added that following the announcement of the recent acquisition of ABN AMRO (Channel Islands) Limited, the group’s immediate goal is to complete the acquisition and integration so that the banking business in the Channel Islands can grow.