The Bank of N.T. Butterfield & Son (Butterfield) has agreed to buy Deutsche Bank’s banking and custody business in the Cayman Islands, Jersey and Guernsey, for an undisclosed sum.

The deal, which is part of Deutsche Bank’s plan to simplify operations, is slated to be completed in stages this year, subject to regulatory nod.

Butterfield plans to retain most of the employees of the acquired businesses, which mainly serves financial intermediaries and corporate clients. This includes Mauritius-based staff offering operations and support services to the acquired businesses.

Clients of the acquired businesses will be allowed to transfer their banking relationships to Butterfield.

Deutsche Bank Wealth Management global head Fabrizio Campelli said: “This transaction represents another important milestone in repositioning Wealth Management for growth in our core markets.”

The latest transaction comes around four months after Butterfield’s announcement to take over Deutsche Bank’s Global Trust Solutions (GTS) business, which operates in the Cayman Islands, Switzerland, Guernsey, Singapore and Mauritius. The deal excludes Deutsche Bank’s US trust business.

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Butterfield chairman and CEO Michael Collins said: “The acquisition of Deutsche Bank’s Global Trust Solutions business announced in October will provide Butterfield with a Singapore trust company. We have long had an interest in establishing operations in Singapore to support the growth of our legacy Trust business in Asia.

“And with this banking transaction, we will gain a presence in Jersey to complement our existing Guernsey-based Channel Islands bank, giving us increased scale and the opportunity to realise operational economies in the region.”