The acquisition has been approved by the Monetary Authority of Singapore (MAS) and following the transaction, all of BSI Trust Singapore’s services and existing business will be transferred to Vistra by the end of January 2013.
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The rapid growth of BSI Bank’s wealth management portfolio over the past two years and the need to focus on the core advisory services has been cited as the reasons behind the sale of the company.
According to Vistra, the acquisition will provide a platform of specialist solutions for BSI clients transferring their trust needs to Vistra.
Currently Vistra provides clients with a broad range of trust and fiduciary services through its network of 27 offices across 20 jurisdictions.
Commenting on the move, Vistra Singapore managing director, Jean-Pierre Koolmees said: "We are very proud of the reputation and the international capability we have established in the trust sector. Our aim is to provide the highest standard of service to the clients of BSI Trust Singapore who have now entrusted us with their business."
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