Deutsche Bank to Sell Banking and Custody Business in Cayman Islands, Channel Islands to Butterfield
February 15 2018 - 7:35AM
Dow Jones News
By Pietro Lombardi
Deutsche Bank AG (DBK.XE) has agreed to sell its banking and
custody business in the Cayman Islands and Channel Islands to Bank
of Butterfield Ltd. (NTB), Butterfield said Thursday.
Financial details of the deal weren't disclosed.
The business offers services mostly to financial intermediaries
and corporate clients, according to Butterfield.
"This transaction represents another important milestone in
repositioning Wealth Management for growth in our core markets,"
Fabrizio Campelli, global head of Deutsche Bank wealth management,
said.
The deal, subject to regulatory approval, is expected to close
in 2018.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
February 15, 2018 07:20 ET (12:20 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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