The Bank of Butterfield & Son has entered into an agreement to acquire Deutsche Bank’s Global Trust Solutions (GTS) business, excluding its US operations.
Terms of the agreement were not disclosed, but the transaction is expected to close in the first half of 2018, subject to regulatory approvals.
Upon completion, Butterfield will take over the ongoing management and administration of the GTS portfolio, comprising approximately 1,000 trust structures for 900 private clients.
Butterfield is offering positions to all full-time employees of GTS in the Cayman Islands, Guernsey, Switzerland, Singapore and Mauritius to ensure continuity of service for clients.
Butterfield will partner with Deutsche Bank to provide trust solutions to Deutsche Bank’s clients on an ongoing basis.
Michael Collins, Butterfield Chairman and Chief Executive, said: “The acquisition enables us to add scale and strength to our trust operations in Switzerland, Guernsey and Cayman. It also provides us with a physical presence in Asia.”
Butterfield has been providing trust and fiduciary services to international clients for more than 80 years. Its business comprises over 200 professionals in the Bahamas, Bermuda, Cayman Islands, Guernsey and Switzerland, who provide estate and succession planning services, family affairs planning and administration of complex holding structures.