(AOF) – Credit Suisse (-0.12% to 4.99 Swiss francs) has signed two agreements for the sale of the Credit Suisse Trust’s assets to Butterfield and Gasser Partner. The group has signed separate agreements with The Bank of NT Butterfield & Son Limited (Butterfield) and Gasser Partner Trust reg. (Gasser Partner) for the sale of Credit Suisse’s global trust business (Credit Suisse Trust, CST), while the CST entities will continue to operate with a limited number of clients. Under separate agreements, Butterfield will acquire the businesses of CST based in Guernsey, Singapore and the Bahamas, while
Under separate agreements, Butterfield will acquire CST’s businesses based in Guernsey, Singapore and Bahamas, while Gasser Partner will acquire CST’s Liechtenstein business.
The transaction with Butterfield is expected to close next year in the first half. It is subject to customary conditions, including regulatory approvals. The transfer of the trust structures to Liechtenstein is also expected to be completed in the first half of 2023.
Upon completion of the transactions, Butterfield and Gasser Partner will assume the day-to-day management and administration of most of the trust structures in their respective jurisdictions.
A significant portion of CST’s employees are expected to be transferred to Butterfield. Legal entities linked to CST and any remaining assets will be liquidated by Credit Suisse in the coming years.
Butterfield is an offshore bank and trust company based in Bermuda that has been providing international private trust services for over 80 years. Butterfield has grown through a combination of continuous organic growth and acquisitions, such as the Guernsey-based Legis Group’s trust and corporate administration business in 2014, the HSBC trust unit based in Bermuda in 2016 and the Global Trust business. Solutions by Deutsche Bank in 2018.
Gasser Partner is a trust company that is part of the Gasser Partner law firm in Liechtenstein. The firm advises individuals and high net worth institutional clients in all areas of law, including trust services. It employs more than 50 professionals. It has been around for over 70 years and has offices in Vaduz, Zurich and Vienna. Today Gasser Partner already collaborates with CST’s activities in Liechtenstein to provide fiduciary services to its clients.
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