Citigroup is selling its trust unit to Jersey-based professional services provider JTC.
JTC has agreed to acquire Citi Trust, the global fiduciary and trust administration services business of Citigroup, according to a statement. The deal is valued at $80 million. Citi Trust operates in seven jurisdictions including New York, Delaware, South Dakota, Jersey, Singapore, Switzerland and the Bahamas. It serves more than 2,000 ultra-high net worth clients, with over $70 billion in assets under administration.
«The acquisition is extremely complementary to JTC’s existing footprint,» said JTC CEO Nigel Le Quesne. «It is a transformational transaction for the Group and our Private Client Services division, increases our presence in key growth markets in the US, Europe and Asia, and brings further resilient annuity-driven revenue to the Group.»
«The decision to sell our personal trust administration and fiduciary business allows us to focus our resources on areas that will create impact for our global clients and drive growth for our Wealth business,» commented Ida Liu, head of Citi Private Bank. «We will continue to provide clients with leading investment management, wealth planning, lending and banking services.»
