Print this article

Trident Wins Go-Ahead For Commerzbank Singapore Acquisition

Vanessa Doctor

23 November 2010

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.