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Credit Suisse: fiduciary business to be sold

( - On Tuesday Credit Suisse said that it has reached agreements to sell its fiduciary business to Butterfield, an offshore account management specialist, and Gasser Partner, a Liechtenstein-based law firm.

In a statement, the Swiss private bank, which did not detail the terms of the deal, said that the transaction should be completed in H1 2023, subject to regulatory approval.

Under two separate agreements, Butterfield will acquire Credit Suisse Trust's (CST) businesses in Guernsey, Singapore and the Bahamas, while Gasser Partner will acquire the Liechtenstein branch.

Credit Suisse explains that all parties involved intend to ensure continuity in the services offered to clients.

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