Vistra buys Deutsche Bank’s corporate services in Cayman

Global corporate services provider Vistra has completed the acquisition of the corporate services business of Deutsche Bank’s Global Transaction Banking division in Cayman.

The deal was first announced in September 2017.

The Cayman corporate services business provides management and administration of special-purpose vehicles and asset holding companies to banks, non-bank financial institutions and corporations.

Globally, the business employs 139 staff across offices in the U.K., Ireland, Luxembourg, the Netherlands, Jersey, Mauritius, Cayman and the U.S.

It will now be rebranded under the Vistra umbrella as existing Vistra offices combine with the teams in these jurisdictions, according to a press release announcing the completion of the deal.

The corporate services business specializes in the administration of structures for structured finance transactions, including collateralized loan obligations, collateralized debt obligations, securitizations, mortgage-backed securities, as well as aircraft leasing, commercial real estate and investment funds.

Jeffrey Goddard, country managing director at Vistra Cayman Islands, said the acquisition broadens the firm’s capabilities and presence in the region significantly and reaffirms Vistra’s commitment to Cayman as a key capital markets jurisdiction.

“This acquisition will facilitate growth, allowing us to leverage our existing business networks and capabilities, particularly across Europe and Asia, whilst enhancing and consolidating our capabilities particularly within the capital markets and structured finance sectors for the benefit of our clients,” he said. “We are looking forward to continuing to grow in the region, creating exciting opportunities for both our current and new employees.”

Commenting on the sale of the business, Jose Sicilia, Deutsche Bank’s Head of Trust and Agency Services, Global Transaction Banking, said last year: “Our main goal with this transaction was to find a partner that will continue to deliver the highest quality services to our corporate services clients as well as a dedicated corporate service provider for our staff. This will enable us to sharpen our focus on our existing award-winning securities services business. We feel we have achieved our objective with Vistra.”