The Bank of N.T. Butterfield & Son has agreed to take over Deutsche Bank’s Global Trust Solutions (GTS) business for an undisclosed sum.
The deal however excludes Deutsche Bank’s US trust operations. The GTS portfolios comprises of around 1,000 trust structures for nearly 900 private clients.
As part of the deal, all employees of the GTS business will join Butterfield in the Cayman Islands, Guernsey, Switzerland, Singapore and Mauritius.
The two companies will also ink a partnership, under which Deutsche Bank customers will be offered trust solutions on an ongoing basis. The deal is expected to be completed in the first half of 2018, subject to regulatory approvals.
Butterfield chairman and CEO Michael Collins 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.”