The acquisition, approved by the Monetary Authority of Singapore (MAS) will see all BSI Trust Singapore’s services and existing business transferred to Vistra by the end of January 2013.
The decision to sell the company is a reflection of the rapid growth of BSI Bank’s wealth management portfolio over the past two years and the need to focus on these core advisory services.
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This strategic decision will provide a strong platform of specialist solutions for BSI clients transferring their trust needs to Vistra. Private banking clients’ international trust requirements are evolving and increasingly require more sophisticated trust solutions for asset protection and estate planning. Vistra is equipped to provide clients with a broad range of trust and fiduciary services through its network of 27 offices across 20 jurisdictions. Vistra will be one of the preferred service providers on BSI’s open architecture platform.
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."
"The highly-experienced team joining us from BSI Trust Singapore will ensure continuity for their existing clients, as well as augment Vistra’s overall offering to clients," Mr. Koolmees added
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