The Bank of N.T. Butterfield & Son Limited and Gasser Partner Trust have agreed to buy Credit Suisse Group’s global trust business, the parties announced in a joint statement on Tuesday without disclosing financial terms.

Under separate agreements, Butterfield will acquire Credit Suisse Trust’s businesses based in Guernsey, Singapore and the Bahamas, while Gasser Partner will acquire CST’s Liechtenstein business, they said. The deals are set to close in the first half of 2023.