Jersey-headquartered JTC said on 2 August it had completed the acquisition of First Republic Trust Company of Delaware LLC (FRTC-DE), following receipt of final regulatory approvals and the satisfaction of other closing conditions.
The acquisition of FRTC-DE – previously a wholly owned subsidiary of JPMorgan Chase Bank – was "highly complementary to JTC’s proposition", the London-listed company said.
JTC had its initial announcement about the proposed acquisition on 22 April 2024.
The team from FRTC-DE has now joined JTC’s Private Client Services (PCS) division and will be based in the office in Wilmington, Delaware.
Nigel Le Quesne, chief executive officer of JTC, said: “The completion of the acquisition of First Republic Trust Company of Delaware gives a further boost to our proposition and capability in the US market.
"I am delighted to welcome the experienced team into our Private Client Services division as we continue to develop and expand our broad range of personal trust services within the US.”
