Drew & Napier’s Director Sandy Foo and her team acted as Singapore counsel in the recently-completed sale of Commerzbank AG’s subsidiary, Commerzbank International Trust Singapore (CITS) to the Trident Trust Group. Ashurst acted as the lead counsel.
The transaction has been approved by the regulatory authorities. CITS specializes in fund administration and trust services for private and corporate clients, and as of the end of 2009, the company had assets under administration totaling �930m. Commerzbank’s Singapore-based activities remain unaffected by the transaction.
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