ZEDRA, a provider of independent trust, fiduciary, corporate and fund services, has wrapped up the acquisition of UK trust business of Barclays Bank.

The trust business offers a professional trustee and executor service related to wealth and succession planning.

Barclays said that though the business has “strong growth potential”, it is not considered central to its strategy.

ZEDRA CEO Niels Nielsen termed the acquisition as “strategic” for the group and said that the deal will offer clients a “balanced and global geographic reach”.

“The new office will increase the firm’s size by around a quarter and at the same time, open up important new business opportunities for the group in the UK. The acquisition will make ZEDRA one of the largest on-shore trust companies in the UK,” Nielsen stated.

The trust business was shifted to Barclays’ non-core division for the sale, which was announced in October 2016. The business’ existing clients have now become clients of ZEDRA.

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By GlobalData

Barclays head of non-core Harry Harrison said: “The sale of our UK Trusts business is another example of the simplification of Barclays and further progress towards closing Barclays Non-Core on 30th June 2017.”