Turnpage

Please visit our sponsors

RSS Feed
 

Current News & Press

 

Advertisement

The Bahamas Investor

News & Press Archives

 
The Bahamas Investor on facebookFollow The Bahamas Investor on TwitterSubscribe to RSS feeds from The Bahamas Investor
HOME > 
News & Press > 
Butterfield to acquire Deutsche’s Global Trust Solutions business

The Bank of N.T. Butterfield & Son Ltd today announced that it has entered into an agreement to acquire Deutsche Bank’s Global Trust Solutions business, excluding its US operations. With client assets of around EUR 299 billion (as at June 30, 2017), Deutsche Bank’s Wealth Management business is one of the largest wealth managers worldwide. 

Source:
Date:
Updated:
Butterfield PR
Wednesday, October 25, 2017
Thursday, October 26, 2017

ButterfieldHAMILTON, Bermuda–(BUSINESS WIRE)–The Bank of N.T. Butterfield & Son Limited (“Butterfield”) (NYSE: NTB) (BSX: NTB) today announced that it 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.

Upon completion of the transaction, which is subject to regulatory approvals, Butterfield will take over the ongoing management and administration of the GTS portfolio, comprising approximately 1,000 trust structures for some 900 private clients. Butterfield is also offering positions to all employees who are fully dedicated to GTS in the Cayman Islands, Guernsey, Switzerland, Singapore and Mauritius. This will 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’s Chairman and Chief Executive Officer, said: “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. 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: “Butterfield is a well-known leader in the trust industry and we look forward to working with them to provide our clients with a broader product offering. The divestiture represents an important step in our strategy of simplifying our business and positioning Wealth Management for growth in our core markets.”

Butterfield has been providing trust and fiduciary services to international clients for more than 80 years. Its award winning trust business comprises over 200 professionals, based in The Bahamas, Bermuda, the Cayman Islands, Guernsey and Switzerland, who provide estate and succession planning services, efficient coordination of family affairs, and administration of complex holding structures for a wide variety of financial and non-financial assets. As of 30 September 2017, Butterfield Trust had Assets Under Administration of approximately USD 95.2 billion.

The transaction is expected to close in the first half of 2018, subject to customary closing conditions.

The 5th Annual Andros Business Outlook to be held October 26, 2017 at the Dreams Villas in Davis Creek will be under the theme 'Break Barriers! Promote Success'.

Executives of PriceWaterhouseCoopers made a courtesy call on the Minister of Labour Dion Foulkes 19 October, 2017 at the Ministry of Labour.

The Bahamas Investor
Administrative Links
  


  © 2024 ETIENNE DUPUCH JR PUBLICATIONS LTD