Butterfield acquires trust arm of Deutsche Bank
(CNS Business): Butterfield has entered into an agreement to acquire Deutsche Bank’s Global Trust Solutions (GTS) business in an undisclosed deal that excludes the US operations, the bank said in a press release Wednesday. The deal is subject to regulatory approvals but once it is complete, Butterfield will take over the ongoing management and administration of the GTS portfolio of around 1,000 trust structures for some 900 private clients. Butterfield is also taking on the GTS employees in the Cayman Islands, Guernsey, Switzerland, Singapore and Mauritius.
Butterfield will partner with Deutsche Bank to provide trust solutions to Deutsche Bank’s clients on an ongoing basis, the firm said about the acquisition.
“Trust is a core business for us, and the acquisition of the Deutsche Bank Global Trust Solutions business enables us to add scale and professional bench strength to our trust operations in Switzerland, Guernsey and Cayman,” said Michael Collins, the bank’s chairman and CEO. “It also provides us with a physical presence in Asia, which we view as a growth market for Butterfield. We look forward to welcoming GTS clients and staff to Butterfield and to the development of new business from an ongoing partnership with Deutsche Bank’s Wealth Management team.”
Fabrizio Campelli, Deutsche Bank’s global head of wealth management, said it was “an important step in our strategy of simplifying our business and positioning Wealth Management for growth in our core markets”.
The transaction is expected to close in the first half of 2018, subject to customary closing conditions.
Category: Banking, Finance, Financial Services
