The Bank of NT Butterfield & Son Limited has revealed that it completely closed its private banking business based in London and has fully discontinued its deposit-taking and investment management services in the UK. Also, the company stated that it will continue to provide a high net worth residential mortgage service through its UK subsidiary, in London, which has changed its name to Butterfield Mortgages Limited. Accordingly, NTB's UK subsidiary is no longer regulated by the Prudential Regulation Authority as of 21 December 2016 and will continue to be regulated by the Financial Conduct Authority.