Butterfield completes Deutsche Bank GTS deal
Butterfield Bank has completed the acquisition of the Deutsche Bank Global Trust Solutions.
In a statement the bank said that former GTS employees and accounts had successfully transitioned to Butterfield and all trust and fiduciary services for former GTS clients will be conducted from Butterfield locations in the Cayman Islands, Guernsey, Switzerland, Singapore and Mauritius with effect from Monday.
Butterfield announced in October that it had reached an agreement with Deutsche Bank to acquire GTS and take over the ongoing management and administration of the GTS portfolio. More than 60 Deutsche Bank employees have joined Butterfield as part of the acquisition to provide continuity of service for clients.
Michael Collins, Butterfield's chairman and chief executive officer, said: “I would like to thank and commend the transition teams from both organisations who have worked to make the transfer and integration of the GTS business as seamless as possible for clients and our new colleagues.
“GTS clients and their advisers can look forward to working with many of the same trust professionals they came to know at Deutsche Bank, who are now part of an expanded international trust team at Butterfield. We also look forward to continuing to provide Deutsche Bank wealth managers with a broad range of international trust and fiduciary services to help address their clients' wealth structuring needs going forward.
“As part of the acquisition, Butterfield established a Singapore trust company. This platform will allow us to spend more time with our long-term trust clients in Asia, relationships that date back over thirty years. It will also allow us to develop new relationships with ultra-high net worth clients throughout the region. I would like to thank Deutsche Bank for giving us this opportunity. We will ensure that their employees and clients are treated with the utmost respect.”