Bermuda-based Butterfield Bank has entered into an agreement to acquire Legis Group’s Guernsey-based trust and corporate services business for an undisclosed sum.

The transaction, which is subject to regulatory and other approvals, is expected to be completed during the first quarter of 2014.
The deal will add further scale to Butterfield’s international trust business, and will strengthen its specialist trust team globally.

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This acquisition will enhance Butterfield’s core businesses in existing markets as a means to build shareholder value.

Bob Moore, executive vice president and head of group trust at Butterfield, said: "Legis is a high quality, well-managed trust business with highly-qualified employees who are respected within the industry for their expertise and professionalism."

Stuart Platt-Ransom, chairman and chief executive officer of the Legis Group, said: "Butterfield shares our philosophy of relationship-led services and the scope and scale of the combined operations of Legis and Butterfield will provide significant benefits to clients.

"These will include a broader suite of fiduciary solutions, additional resources and multi-jurisdictional service delivery, positioning Butterfield as the premier partner in fiduciary services meeting the needs both of private clients and institutions."

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Following the deal, Legis Group will focus on reinforcing and expanding its fund administration and tax advisory services from Guernsey, where it will employ more than 50 people.

Legis Group’s trust and corporate services business offers trust and company administration services to private clients and institutions, while Butterfield offers a wide range of trust and fiduciary services in Guernsey, as well as private client, institutional custody and administered banking services.