The Bank of N.T. Butterfield & Son to acquire the Guernsey, Singapore, and Bahamas trust business of Credit Suisse.

The Bank of N.T. Butterfield & Son, a bank founded and based in Bermuda, agreed to acquire the Guernsey, Singapore, and Bahamas trust business of Credit Suisse, a global investment bank and financial services firm. Financial terms were not disclosed. "Credit Suisse is a preeminent wealth management franchise, and we are delighted to be acquiring its trust management activities in strategically important markets for our company. This transaction expands our global trust operations in Singapore, Guernsey, and The Bahamas and enhances our fee-based revenue income. This is another important step in our strategy to grow through M&A in markets where we have scale and have a market leadership position. It underscores our continuing commitment to expand Butterfield’s presence in Asia, the Channel Islands, and The Bahamas," Michael Collins, Butterfield Chairman and CEO.