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Credit Suisse Sells Trust Business in Singapore, Guernsey & The Bahamas to Butterfield, Liechtenstein to Gasser Partner

8th September 2022 | Hong Kong

Credit Suisse has signed agreements to sell Credit Suisse Trust (CST) business in Singapore, Guernsey & The Bahamas to Butterfield (offshore bank & trust company headquartered in Bermuda), and Credit Suisse Trust in Liechtenstein to Gasser Partner (Trust company, & part of Gasser Partner law firm in Liechtenstein), with the transaction expected to close in the 1st half of 2023 and most of Credit Suisse Trust employees to join Butterfield.  Credit Suisse: “ 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. The CST-related legal entities and any residual business will be wound down by Credit Suisse over the next few years) … … With the completion of the transfers, clients will have continued access to sophisticated and. comprehensive trust services through either Butterfield or Gasser Partner.  

“ Credit Suisse Sells Trust Business in Singapore, Guernsey & The Bahamas to Butterfield, Liechtenstein to Gasser Partner “


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Credit Suisse Trust

Credit Suisse Zurich

Michael Strobaek, Head of Investment Solutions & Sustainability at Credit Suisse: 

“Credit Suisse regularly reviews its product and services portfolio to meet the evolving needs of our clients. Over the past months we have carefully considered how we can best continue to serve our clients who have sophisticated trust needs. Both Butterfield and Gasser Partner specialize in full-service trust structures and solutions dedicated to clients with bespoke needs.”


Butterfield is a leading offshore bank and trust company headquartered in Bermuda and has been providing international private trust services for over 80 years. Butterfield has grown through a combination of ongoing organic growth and successful acquisitions, examples of which include the trust and company administration businesses of the Guernsey-based Legis Group in 2014, the Bermuda-based trust unit of HSBC in 2016, and Deutsche Bank’s Global Trust Solutions business in 2018. Today, Butterfield’s trust business employs more than 230 professionals and consists of independently incorporated trust companies located in The Bahamas, Bermuda, the Cayman Islands, Guernsey, Singapore, and Switzerland as well as a support service center in Mauritius. 

Gasser Partner is a registered trust company and forms part of the Gasser Partner law firm in Liechtenstein, which advises high-net-worth individuals and institutional clients in all areas of law, including fiduciary services, employing more than 50 professionals. It has been operating for over 70 years and has offices in Vaduz, Zurich, and Vienna. Today, Gasser Partner already partners with CST’s Liechtenstein business in providing quality trust and fiduciary services to clients.


Michael Collins, Butterfield’s Chairman & CEO:

“ Credit Suisse is a preeminent wealth management franchise, and we are delighted to be acquiring its trust management activities in strategically important markets for our company. This transaction expands our global trust operations in Singapore, Guernsey, and The Bahamas and enhances our fee-based revenue income. This is another important step in our strategy to grow through M&A in markets where we have scale and have a market leadership position. It underscores our continuing commitment to expand Butterfield’s presence in Asia, the Channel Islands, and The Bahamas”.


Johannes Gasser, Senior Partner at Gasser Partner:

“We have been privileged to provide services to Credit Suisse Trust in Liechtenstein during many years in the past – as lawyers and as a licensed fiduciary. Over time, we have had the pleasure of building relationships with clients and employees of Credit Suisse Trust and these relationships enjoy a level of trust we strive to earn every day. We know what privilege and duties we will be taking over from Credit Suisse Trust, and we are determined to live up to them.”


About Credit Suisse

Credit Suisse is one of the world’s leading financial services providers. Our strategy builds on Credit Suisse’s core strengths: its position as a leading wealth manager, its specialist investment banking capabilities, and its strong presence in our home market of Switzerland. We seek to follow a balanced approach to wealth management, aiming to capitalize on both the large pool of wealth within mature markets as well as the significant growth in wealth in Asia Pacific and other emerging markets, while also serving key developed markets with an emphasis on Switzerland. Credit Suisse employs approximately 51,410 people. The registered shares (CSGN) of Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York.  Further information about Credit Suisse can be found at

About Butterfield

Butterfield is a full-service bank and wealth manager headquartered in Hamilton, Bermuda, providing services to clients from Bermuda, the Cayman Islands, Guernsey, and Jersey, where our principal banking operations are located, and The Bahamas, Switzerland, Singapore, and the United Kingdom, where we offer specialized financial services. Banking services comprise deposit, cash management, and lending solutions for individual, business, and institutional clients. Wealth management services are composed of trust, private banking, asset management, and custody. In Bermuda, the Cayman Islands and Guernsey, we offer both banking and wealth management. In The Bahamas, Singapore, and Switzerland, we offer select wealth management services. In the UK, we offer residential property lending. In Jersey, we offer select banking and wealth management services. Butterfield is publicly traded on the New York Stock Exchange (symbol: NTB) and the Bermuda Stock Exchange (symbol: NTB.BH).

About Gasser Partner

Gasser Partner is one of the leading and largest law firms in Liechtenstein. Since 1954, Gasser Partner is determined to create trust in the relationships with their clients. Having mostly an entrepreneurial background, clients expect practical solutions and responsive advice from Gasser’s partners and associates which are proudly provided. As a full-service firm, Gasser Partner has developed strong

expertise and experience in foundation and trust law, and such advice has led many clients to demand that they also add fiduciary services to the legal services for their wealth, estates, and families. Asset protection and cutting-edge legal advice is understood to be paramount in the administration of trusts and foundations for ultra high-net-worth individuals and corporations. Partners of Gasser also notaries and fiduciaries who are fully licensed by the Liechtenstein Financial Market Authority.

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