Butterfield to Acquire Global Trust Solutions Business from Deutsche Bank
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
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
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
The transaction is expected to close in the first half of 2018, subject to customary closing conditions.
Forward-Looking Statements:
This News Release contains forward-looking statements, including with respect to the acquisition of Deutsch Bank’s GTS business. Forward-looking statements may generally be identified by the use of words such as “anticipate,” “believe,” “expect,” “intend,” “plan,” and “will” or, in each case their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. As a result, actual events may differ materially from those expressed in or suggested by the forward-looking statements. Any forward-looking statement made by Butterfield in this News Release speaks only as of the date hereof. New risks and uncertainties come up from time to time, and it is impossible for Butterfield to predict these events or how they may affect it. Butterfield does not intend to update any forward-looking statements after the date hereof, except as required by law.
NOTES TO EDITORS:
About Deutsche Bank Wealth Management division
With client assets of around
About Butterfield
Butterfield is a full-service bank and wealth manager headquartered in
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Butterfield:
Mark Johnson, +1-441-299-1624
Vice President, Group Head of Communications
Cellular: +1-441-524-1025
Fax: +1-441-295-3878
[email protected]
or
Deutsche Bank:
Don Hunter, +44 20 754 14120
Cellular: +44 7827820054
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or
Adrian Cox, +44 20 754 17775
Cellular: +44 7789 086427
[email protected]
Source: The Bank of N.T. Butterfield & Son Limited