Butterfield is set to buy Deutsche Bank trust arm
BUTTERFIELD is to acquire the global trust business of Deutsche Bank in what will prove to be a significant move in the local fiduciary sector.
The trust business in the island is expected to take on some 30 staff from Deutsche Bank locally once the deal goes through after regulatory approvals.
Deutsche Bank’s Global Trust Solutions business has about 1,000 trust structures for some 900 clients, with offices in Guernsey, Cayman Islands, Switzerland, Singapore and Mauritius. The deal excludes the bank’s US operations.
‘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,’ said Michael Collins, Butterfield’s chairman and chief executive officer.
‘It also provides us with a physical presence in Asia, which we view as a growth market for Butterfield.’
Full story in today's Guernsey Press
