Cambridge Bancorp and its subsidiary, Cambridge Trust Co., have formed a new business, Cambridge Trust Co. of New Hampshire Inc., a non-depository trust company chartered by the state of New Hampshire.

The new subsidiary, headquartered in Concord, N.H., has been established to attract clients from other states who may be drawn to New Hampshire’s trust laws and favorable tax climate, according to a statement.

"We’ve had investment management and trust administration clients in New Hampshire for decades and have served them through our New Hampshire offices since 1996," said Michael Duca, executive vice president of Cambridge Trust Co.’s wealth management division. "This new charter simply solidifies our status as a preeminent corporate fiduciary in New Hampshire."

Todd D. Mayo, president of Cambridge Trust Co. of New Hampshire, helped design the most recent innovations in New Hampshire trust law.

"Our trust laws give great flexibility to the creator of a trust to suit his or her particular goals and wishes. Those laws also make trust administration more efficient," he said.