Credit Suisse has reached two deals to sell its global trust business, known as Credit Suisse Trust (CST), to The Bank of N.T. Butterfield & Son (Butterfield) and Gasser Partner Trust (Gasser Partner).
Under the deal, Butterfield will buy CST’s businesses in Guernsey, Singapore, and The Bahamas, while Gasser Partner will buy the business in Liechtenstein.
Other CST entities will continue to do business with a few numbers of customers, stated the bank.
Butterfield, which based in Bermuda, is an offshore bank and trust firm.
Part of Gasser Partner law firm in Liechtenstein, Gasser Partner is a registered trust company that serves high-net-worth individuals and institutional clients.
The latest move comes as the Swiss banking group seeks to restructure its businesses that are marred with several setbacks.
The deal with Butterfield awaits customary conditions such as regulatory approvals. Credit Suisse aims to transfer the Liechtenstein trust business on a rolling basis.
Both the deals, value of which were not divulged, are anticipated to be completed by the first half next year.
Once closed, Butterfield and Gasser Partner will assume the responsibility of management and administration of most of the trust businesses agreed in the contracts.
Butterfield is anticipated to retain a significant portion of CST’s staff.
Credit Suisse plans to shut CST’s legal units and other residual business in the upcoming years.
Credit Suisse investment solutions and sustainability head Michael Strobaek said: “Credit Suisse regularly reviews its product and services portfolio to meet the evolving needs of our clients.
“Over the past months we have carefully considered how we can best continue to serve our clients who have sophisticated trust needs.
“Both Butterfield and Gasser Partner specialise in full-service trust structures and solutions dedicated to clients with bespoke needs.”
