The Bank of N.T. Butterfield & Son Limited have announced they have acquired Legis Group Holdings Limited Guernsey-based trust and corporate services business.

A press release announcing the move stated the deal was agreed in principle in January.

The acquisition was subject to contract discussions as well as regulatory and other approvals which, the Bank said, have now been obtained.

It stated: “The integration of the business will further strengthen Butterfield’s ability to meet the requirements of international families for complex, high-end fiduciary structures and widens Butterfield’s range of corporate and institutional trust services.”

The press release quoted Bob Moore, executive vice president and head of group trust at Butterfield, who said: “The acquisition of Legis Group’s Guernsey trust operation adds further scale to Butterfield’s international trust business. It will enhance the strong technical capabilities that already exist within our Group’s separately incorporated Trust companies in Bermuda, the Cayman Islands, Guernsey, New Zealand, Switzerland and The Bahamas by increasing our team of experienced trust professionals to build on the high quality service we offer. Within our multi-jurisdictional range, Butterfield Trust (Guernsey) Limited, incorporating Legis Trust, will be one of the leading fiduciary services providers in the Channel Islands.

“We are very pleased to welcome the Legis Trust team and their clients to Butterfield.”

Butterfield said they were advised by KPMG Advisory in Bermuda and Guernsey, and law firms Locke Lord and Ogier. Legis Group was advised by Babbé.