(AOF) – Credit Suisse (-0.12% to 4.99 Swiss francs) has signed two agreements for the sale of the Credit Suisse Trust business to Butterfield and Gasser Partner. The group has signed separate agreements with The Bank of NT Butterfield & Son Limited (Butterfield) and Gasser Partner Trust reg. (Gasser Partner) for the sale of Credit Suisse’s global fiduciary business (Credit Suisse Trust, CST), while the CST entities will continue to operate with a limited number of clients. Under separate agreements, Butterfield will acquire CST’s operations based in Guernsey, Singapore and the Bahamas, while
Under separate agreements, Butterfield will acquire CST’s operations based in Guernsey, Singapore and the Bahamas, while Gasser Partner will acquire CST’s operations in Liechtenstein.
The transaction with Butterfield is expected to close next year in the first half. It is subject to customary conditions, including regulatory approvals. The transfer of fiduciary structures to Liechtenstein is also expected to be completed in the first half of 2023.
Upon completion of the transactions, Butterfield and Gasser Partner will take over day-to-day management and administration of most fiduciary structures in the respective jurisdictions.
A significant part of CST’s employees should be transferred to Butterfield. Legal entities related to CST and any residual business will be liquidated by Credit Suisse over the next few years.
Butterfield is an offshore bank and trust company headquartered in Bermuda that has been providing international private trust services for over 80 years. Butterfield has grown through a combination of continued organic growth and acquisitions, such as the trust and company administration business of the Guernsey-based Legis Group in 2014, the Bermuda-based trust unit of HSBC in 2016, and Deutsche Bank’s Global Trust Solutions business in 2018.
Gasser Partner is a fiduciary company that is part of the law firm Gasser Partner in Liechtenstein. The firm advises high net worth individuals and institutional clients in all areas of law, including fiduciary services. It employs more than 50 professionals. It has been around for over 70 years and has offices in Vaduz, Zurich and Vienna. Today, Gasser Partner already partners with CST’s operations in Liechtenstein to provide fiduciary services to its clients.
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