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Butterfield will be buying Credit Suisse Trust's business in Guernsey, Singapore and the Bahamas subject to regulatory approval over the next few months.
If the deal is approved, the sale will go through during the first half of 2023, with Gasser Partner buying the Liechtenstein business on a 'rolling basis', also expected to complete next year.
Credit Suisse said it has signed agreements with The Bank of N.T. Butterfield & Son Limited (Butterfield) and Gasser Partner Trust reg. (Gasser Partner) which will see them take over the ongoing management and administration of most of the trust structures in the respective jurisdictions.
Each of the parties have committed to ensuring a seamless transition, focussing on the continuation of services for trust clients, while a "significant portion" of Credit Suisse Trust’s employees are expected to transfer to Butterfield.
Michael Collins, Butterfield’s Chairman and Chief Executive Officer, said: “Credit Suisse is a preeminent wealth management franchise, and we are delighted to be acquiring its trust management activities in strategically important markets for our company. This transaction expands our global trust operations in Singapore, Guernsey, and The Bahamas and enhances our fee-based revenue income.
"This is another important step in our strategy to grow through M&A in markets where we have scale and have a market leadership position. It underscores our continuing commitment to expand Butterfield’s presence in Asia, the Channel Islands, and The Bahamas”.
The Credit Suisse Trust related legal entities and any residual business will be wound down by Credit Suisse over the next few years once this sale is agreed.
Michael Strobaek, Head of Investment Solutions & Sustainability at Credit Suisse, said: "Credit Suisse regularly reviews its product and services portfolio to meet the evolving needs of our clients. Over the past months we have carefully considered how we can best continue to serve our clients who have sophisticated trust needs.
"Both Butterfield and Gasser Partner specialize in full-service trust structures and solutions dedicated to clients with bespoke needs."
Pictured top: Credit Suisse offices in Guernsey.
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