Credit Suisse sells global trust business to Butterfield and Gasser Partner
Swiss banking giant Credit Suisse has broken up its global trust business and sold it to Bermuda-based bank Butterfield and European law firm Gasser Partner for an undisclosed sum.
Credit Suisse offloads global trust business
Butterfield will acquire Credit Suisse Trust’s (CST) business in Guernsey, Singapore and the Bahamas while Gasser is set to snap up CST’s Liechtenstein business.
Credit Suisse head of investment solutions and sustainability, Michael Strobaek, says the firm regularly reviews its portfolio in respect of serving the needs of its clients.
“Both Butterfield and Gasser Partner specialise in full-service trust structures and solutions dedicated to clients with bespoke needs,” Strobaek adds.
While the transfer of trust structures in Liechtenstein will occur on a rolling basis, both deals are expected to close in H1 2023.
Butterfield and Gasser are expected to take over the management and administration of most of the trust structures in their respective locations with a “significant portion” of CST employees expected to move to Butterfield.
Credit Suisse says remaining legal entities and residual business “will be wound down” over the next few years but emphasises that all parties are committed to ensuring a “seamless transition” for clients.
Butterfield chair and CEO Michael Collins says the deal is “another important step in our strategy to grow through M&A in markets where we have scale”.
