The Bank of N.T. Butterfield & Son Limited (BER:NTB.BH) entered into an agreement to acquire Global Trust Solutions Business from Deutsche Bank Aktiengesellschaft (DB:DBK) on October 25, 2017. The acquisition does not include the US operations. Upon completion, Butterfield will take over the ongoing management and administration of the GTS portfolio and is also offering positions to all employees who are fully dedicated to GTS in the Cayman Islands, Guernsey, Switzerland, Singapore and Mauritius. The acquisition is subject to regulatory approvals and customary closing conditions. The transaction is expected to close in the first half of 2018. Allen & Overy served as the legal advisor to Deutsche Bank on the deal. Professionals from Allen & Overy who worked on the deal include Yu Jia Ang, Gordon Bartlett, Gemma Boyle, Jonathan Carmichael, Lydia Challen, Karl Craig, Julia Davidson, Scarlett Diamond, Ciaran Doherty, Jonathan Down, Celia Durkan, Beth Gill, Ciara Girvan, Jill Gourley, Ronan Haughey, Richard Hough, Kirsty Keegan, Lauren Kennedy, Amy Kerr, Eoghan Kerr, George Luther, Pamela Lynch, James Mark, Rosie Marston, Christopher McCloy, Shane McElhatton, Aoife Murray, Annie Nelson, Rajen Paul, David Pemberton, Matt Roberts, Brid Rooney, Chloe Saggers, Bhishaan Shah, Ella Simpson, William Stevenson, Rhiannon Stewart, Jocelyn Wang and Ben Ward. Mitchell S. Eitel, Craig D. Jones, Benjamin M. Goodchild, Lindsey L. Chandler, Andrew Thomson, Slki Hong, Rebecca S. Coccaro, Kelsey A. Baldwin, Catherine M. Clarkin, Katherine A. McGavin, June M. Hu of Sullivan & Cromwell LLp acted as legal advisor to The Bank of N.T. Butterfield & Son Limited.

The Bank of N.T. Butterfield & Son Limited (BER:NTB.BH) completed the acquisition of Global Trust Solutions Business from Deutsche Bank Aktiengesellschaft (DB:DBK) for $24.4 million on March 29, 2018. As part of the acquisition, over 60 Deutsche Bank employees have joined Butterfield. The purchase price paid includes a refund of $5.5 million from the initial payment of $30.2 million. The refund was received based upon the movement in the number of clients in the GTS portfolio between the time the acquisition was agreed upon and the conclusion of the acquisition, together with an adjustment based upon the net asset values of the companies transferred.