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Vistra to acquire Deutsche Bank’s corporate services business

Published 15 September 2017

Global corporate service provider Vistra has entered into an agreement to acquire the corporate services business of Deutsche Bank for an undisclosed sum.

The German banking giant operates the corporate services business under its global transaction banking division.

The business offers management and administration of SPVs and asset holding companies to banks, non-bank financial institutions and corporates.

It specializes in the administration of structures for structured Finance transactions; aircraft leasing; commercial real estate holding; and investment funds.

Employing 139 staff globally, it operates in the UK, Ireland, Luxembourg, the Netherlands, Jersey, Mauritius, Cayman Islands and the US.

The completion of the transaction is subject to receipt of regulatory approvals.

It is expected to be closed in the first half of 2018.

The acquisition is expected to help Vistra to continue its growth trajectory by strengthening its   international network.

Vistra’s group managing director Onno Bouwmeister said: “This acquisition marks another significant step in Vistra’s growth, broadening our presence in seven of our existing locations across Europe, the Cayman Islands and Mauritius.

“It gives us presence in Ireland, a key strategic jurisdiction particularly in light of the upcoming ‘Brexit’ process, and additional capability in Mauritius where the bulk of the back-office administrative activity is carried out to high quality standards.”

In November last year, Deutsche Bank had received an approval from Chinese regulators to sell nearly 20% stake in Hua Xia to PICC Property and Casualty.

The sale was part of Deutsche Bank’s restructuring strategy to sell unprofitable and non-core businesses.

In October 2015, Deutsche Bank announced that it would cut nearly 35,000 jobs and close operations in 10 countries as part of its Strategy 2020 to reduce costs.

It planned to completely close onshore operations in Argentina, Chile, Mexico, Peru, Uruguay, Denmark, Finland, Norway, Malta, and New Zealand.

Image: Deutsche Bank headquarter in Frankfurt am Main, Germany. Photo: courtesy of Raimond Spekking / Wikimedia Commons.