The Bank of N.T. Butterfield & Son Limited (NYSE:NTB) and Gasser Partner Rechtsanwälte agreed to acquire Credit Suisse Trust AG from Credit Suisse Group AG (SWX:CSGN) on September 6, 2022. Under separate agreements, Butterfield will acquire CST's businesses based in Guernsey, Singapore, and The Bahamas, while Gasser Partner will acquire CST's Liechtenstein business. The transaction with Butterfield is expected to close in the first half of 2023 and is subject to customary conditions, including regulatory approvals.

The transfer of the trust structures in Liechtenstein will occur on a rolling basis and is also expected to complete in the first half of 2023. Upon completion of the transactions, Butterfield and Gasser Partner will take over the ongoing management and administration of most of the trust structures in the respective jurisdictions. A significant portion of CST's employees are expected to transfer to Butterfield.

Latham & Watkins LLP acted as legal advisor to Credit Suisse Group AG (SWX:CSGN).