Financial giants suddenly announced: selling global trust business!

Lear reporter Zhou Yirui

On September 6, Credit Suisse Group issued a joint announcement saying that the group had signed an agreement with The Bank of N.T. Butterfield Son Limited and Gasser Partner Trust to sell its global trust business.

According to the agreement reached by Credit Suisse and the two companies, Bidfield Bank will acquire Credit Suisse Trust's business on Gasser PARTNER in Genxi Island, Singapore and Bahamas. The company's business in Liechtenstein.

The joint announcement did not disclose specific financial details, but the announcement stated that the above two transactions will be completed in the first half of 2023. After the transaction is completed, Pydafit Bank and Gasser Partner will take over the continuous management and operation of most trust businesses in their respective jurisdictions.

Michael Strobaek, head of the Ministry of Credit Investment and Sustainable Development, said: "Credit Suisse examines its product and service portfolio regularly to meet the changing needs of our customers. In the past few months, we have carefully considered how to be the best. Land continues to provide customers with complex trust needs. Bidifield Bank and Gasser Partner are focusing on providing a comprehensive trust structure and solution for customers with customized needs. "

Bidfield Bank is a offshore bank and trust company headquartered in Bermuda. It has provided international private trust services for more than 80 years. The bank has achieved growth through continuous organic growth and successful acquisitions, including the acquisition of the trust and company management business of the LEGIS Group in Genxi Island in 2014, the acquisition of HSBC in 2016 Bank's global trust solution business. Bidifield's trust business has more than 230 professionals, consisting of independent registered trust companies located in Bahamas, Bermuda, Cayman Islands, Genxi Island, Singapore and Switzerland, and support service centers in Mauritius.

Gasser Partner is a registered trust company and is also part of the Gasser Partner Law Firm in Liechtenstein. The company provides consultation in all legal fields for high net worth individuals and institutional customers, including trust services. The company has been established for more than 70 years and has more than 50 professionals, with offices in Wakadz, Zurich and Vienna.

Covered with large -scale layoffs, shareholders singing, continuous losses and other mud

It is worth mentioning that the sale announcement also specifically mentioned that most Swiss Credit trust companies are expected to be transferred to Bidfield Bank, and the legal entities and remaining businesses related to the company will be Group liquidation.

In fact, Credit Suisse Group has been at the cusp of public opinion due to a series of negative news such as financial crisis, continuous losses, and rumors of large -scale layoffs last year.

At the beginning of September, Reuters quoted anonymous sources reported that Credit Credit Group plans to lay off 5,000 layoffs, accounting for about one -tenth of their total employees. Most of them were cut off in Zurich, headquarters. The overall cost of the group cuts another $ 1 billion. Just two months ago, Credit Suisian Asia Investment Bank business announced an offense of more than 20 people.

In mid -August, according to Bloomberg, Harris Associates, the largest shareholder of Credit Suisse Group, urged the group to repair its investment banking business as soon as possible or find other options to obtain sustainable returns. According to the report, Harris Associates, the largest shareholder holding Credit Credit Group, said, said, "If the group cannot repair its investment banking business in the next year or two, she must consider selling, spin -off or split or splitting or splitting its investment banking business in the next year or two. The possibility of merging and so on. "

At the end of July, the financial report announced by Credit Credit Group showed that the group's net revenue in the second quarter decreased by 29%year -on -year to 3.645 billion Swiss franc (about RMB 25.811 billion); the net loss was 1.593 billion Swiss franc (about RMB 11.281 billion ), This is the third consecutive quarter of the group to record losses.

Prior to this, Credit Suisse Group suffered heavy financial blows in the ARCHEGOS liquidation incident and Greensill Capital. Cumulative losses may be as high as $ 5.5 billion.

Edit: Joey

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