By Pietro Lombardi 
 

Deutsche Bank AG (DBK.XE) has agreed to sell its banking and custody business in the Cayman Islands and Channel Islands to Bank of Butterfield Ltd. (NTB), Butterfield said Thursday.

Financial details of the deal weren't disclosed.

The business offers services mostly to financial intermediaries and corporate clients, according to Butterfield.

"This transaction represents another important milestone in repositioning Wealth Management for growth in our core markets," Fabrizio Campelli, global head of Deutsche Bank wealth management, said.

The deal, subject to regulatory approval, is expected to close in 2018.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

(END) Dow Jones Newswires

February 15, 2018 07:20 ET (12:20 GMT)