Appleby advises Butterfield in connection with its acquisition of Deutsche Bank’s global trust solutions business

Appleby (Cayman) Ltd. (Appleby) advised The Bank of N.T. Butterfield & Son Limited (Butterfield) in connection with the acquisition of Deutsche Bank’s Global Trust Solutions business (GTS); excluding its US operations, which comprises some 1,000 trust structures for roughly 900 private clients.

Appleby together with Sullivan & Cromwell LLP, as lead counsel, advised on all aspects of the transaction including regulatory, trust, employment and corporate matters. 

In a statement, Michael Collins, Butterfield’s Chairman and Chief Executive Officer, said: “Trust is a core business for us, and the acquisition of the Deutsche Bank Global Trust Solutions business enables us to add scale and professional bench strength to our trust operations in Switzerland, Guernsey and Cayman. It also provides us with a physical presence in Asia, which we view as a growth market for Butterfield. We look forward to welcoming GTS clients and staff to Butterfield and to the development of the new business from an ongoing partnership with Deutsche Bank’s Wealth Management team.”

Simon Raftopoulos, partner at Appleby commented: “We are delighted to have assisted long-standing client Butterfield on this successful acquisition. We are very happy to be a part of the success of our growing client and to utilise our pedigree and global platform to do so.”

The Appleby teams were led by Partners, Simon Raftopoulos and Carlos de Serpa Pimentel, Counsel, Jacob MacAdam, Senior Associate Kathryn Rowe and Associates, Esmond Brown and Katie Fleming.

Source: Press Release

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