JTC has announced plans to acquire New York Private Trust Company (NYPTC), a non-deposit trust business headquartered in Delaware, US.
NYPTC offers a broad range of fiduciary services, including trust services, estate administration services and white-label trust services, to high-net-worth and ultra-high-net-worth individuals and families and corporate clients.
JTC says the proposed acquisition is part of its strategy to develop its presence in the high-growth US market, in particular a US domestic trust services offering.
NYPTC complements JTC's existing private client operations in the US, which have grown since 2013 and include offices in Miami, New York and South Dakota.
The consideration will be settled in cash. The transaction remains subject to various closing conditions and final regulatory approvals and is expected to complete before the end of the year.