Butterfield Bank has bought over a multibillion dollar trust and corporate services business in Guernsey — its first buy since the global financial crisis started to bite in 2007.

The Bermuda bank has agreed terms with Legis Group Holdings and is expected to take over the business by March, following regulatory and other approvals.

The bank yesterday declined to say how much it would pay for the business and added the price would be included in its first-quarter statements if the deal goes ahead as planned.

Butterfield chairman and CEO said: “The Legis Group’s fiduciary client base is an excellent complement to Butterfield’s existing book of fiduciary and administration business.

“The acquisition fits with our strategy to continue to enhance our core businesses in existing markets as a means to build shareholder value.

“it is Butterfield’s first acquisition since 2007 and a transaction that we are able to to enter into as a result of the diligent management of capital that has been our focus for the last several years, which has strengthened our profitability and created a platform for growth.”

Butterfield executive vice-president and head of group trust Bob Moore said: “Legis is a high quality, well-managed trust business with highly-qualified employees who are respected within the industry for their expertise and professionalism.

“We are very pleased to have them join the Butterfield team.”

He added: “The acquisition of Legis Group’s Guernsey trust operation adds further scale to Butterfield’s international trust business and adds to the strength and depth of our specialist trust team internationally.”

Legis Group’s trust and corporate services arm provides trust and company administration services to private clients and institutions.

Butterfield already provides trust and fiduciary services in Guernsey, as well as private client, institutional custody and administered banking services.

Stuart Platt-Ransom, chairman and CEO of Legis, said the firm had looked at ways to deal with increased complexity in private client structuring from a single jurisdiction, including buying up other firms, but had decided the Butterfield offer was the best option.

He added: “This is a good news for Legis’ trust clients and the employees who serve them.

“Butterfield has more than 70 years of experience in offshore trust administration and a first-class reputation in the industry.

“Butterfield shares our philosophy of relationship-led services and the scope and scale of the combined operations of Legis and Butterfield will provide significant benefits to clients.”

Butterfield operates a trust network spanning Bermuda, the Bahamas, the Caymans, Guernsey and Switzerland.

It also provides private banking and asset management services in London and a full range of community banking and wealth management services in Bermuda and the Cayman Islands.