M and A
Trident Wins Go-Ahead For Commerzbank Singapore Acquisition
Trident Trust Holdings (Singapore) has received regulatory
approval to acquire
Commerzbank International Trust (Singapore) for an
undisclosed sum.
CITS specialises in fund administration and trust services for
both private and corporate clients, while Trident Trust is a
provider of corporate, trust and fund services through its 28
offices in 22 jurisdictions worldwide. Upon completion of the
deal, CITS will be renamed as Trident Trust Company
(Singapore) and will relocate its office to Robinson Road, the
firm said in a statement.
As of the end of 2009, CITS had assets under administration
totalling €930 million ($1.25 billion) and seven staff. The
Singapore-based activities of Commerzbank remain unaffected by
the transaction, the firm said.
