The Bank of New York has completed its acquisition of JPMorgan Chase’s corporate trust business in exchange for The Bank of New York’s retail banking business.
“This transaction fits perfectly into our strategic vision of focusing on a well-defined set of businesses where we have scale, skill and competitive advantage,” says Thomas A. Renyi, the chairman and CEO of The Bank of New York Company, Inc. “We are now the clear leader in corporate trust globally, a business supported by strong secular trends and one in which we are well-positioned to extend our leadership role and generate strong returns.”
“In the last five years, our corporate trust franchise has delivered consistently strong revenue increases and grown faster than the market across all product segments,” adds Karen Peetz, the senior executive vice president and head of Global Corporate Trust for The Bank of New York. “We expect this to set a standard for the industry as we integrate and leverage the resources we have acquired and advance our leadership position around the world.”