(September 5 – 16:40 ET) – The Bank of New York says it has agreed to acquire the corporate trust business of The Trust Company of Bank of Montreal. The transaction is subject to regulatory approval.
The companies announced an agreement in principle for this transaction in February at the same time as they announced the completion of their negotiations to transfer the corporate trust business of Harris Trust and Savings Bank, to The Bank of New York. Conversion of the Harris business was completed in May.
The trust company’s corporate trust business comprises approximately 300 bond trustee and agency appointments for Canadian and U.S. companies, which issue debt securities into the Canadian market. Bank of New York says that In connection with this transaction, it will file an application to establish a special purpose trust company in Toronto.
Mark F. Ferraris, senior vice president and division head for The Bank of New York’s corporate trust services, said, “We are delighted to have completed our agreement with Bank of Montreal. We plan to be a strong alternative for trust services in the local markets — an alternative with a strong track record for high-quality service, technological innovation and long-term commitment to a core product offering.”
-IE Staff