Credit Suisse sells trust businesses abroad

Credit Suisse will sell its trust businesses in offshore financial centres, in the first deals announced since new chief executive Ulrich Körner took over with the mandate to strip the Swiss bank .

Transactions involving the liquidation of a division located at the heart of a The $800 million lawsuit the bank is facing in Singapore This week about the historic relationship with the former prime minister of Georgia, Bidzina Ivanishvili.

Credit Suisse announced Tuesday that it has agreed to sell its trust businesses in Guernsey, Singapore and the Bahamas to Bermuda-based NT Butterfield & Son Bank. It also plans to sell its Liechtenstein trust business to local lending Gasser Partners.

The bank did not disclose the value of the transactions.

Körner Thomas Gottstein took over as chief executive of Credit Suisse last month, and the group is mapping out its investment banking cutback strategy. The trust business, which provides offshore accounts to wealthy clients, is part of the company’s private banking.

According to a person with knowledge of the arrangement, the businesses for sale employ about 250 people and no redundancy is expected.

Ivanishvili, the richest man in Georgia, was a customer of Credit Suisse. He is pursuing the bank’s trust business in Singapore for up to $800 million in damages in a trial that begins on Monday.

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