US Bank National Association, a subsidiary of US Bancorp, has inked a definitive agreement to acquire the municipal bond trustee business of Deutsche Bank, for an undisclosed sum.
Expected to conclude during the third quarter of 2013, the transaction adds nearly $57bn to the more than $3 trillion in assets currently under administration within US Bank’s corporate trust division.
The bank has almost 125,000 trust and agency contracts and the proposed acquisition will provide additional 1,100 contracts.
US Bank Global Corporate Trust Services president Bryan Calder said that the acquisition will strengthen its existing municipal bond trustee business in California, Mississippi, New York, Tennessee and Texas.
Both firms have agreed to work closely to ensure a smooth transition and are committed to offer their new customers with the same level of quality services.
Managing a network of 48 domestic offices and three international locations in Argentina, England and, Ireland, US Bank Global Corporate Trust Services caters corporate trust services to private and public companies, government and tax-exempt entities, and financial services companies.