The Bank of New York has completed the conversion of business segments obtained when acquiring JPMorgan Chase’s corporate trust business. The conversion involved more than 40,000 client accounts, 90,000 securities and cash positions and $47 billion in principal and interest payments.
“We have made more than 40 acquisitions in the corporate trust arena since 1994, but the scope of this conversion truly highlights the experience and expertise we have for transitioning major acquisitions on behalf of our clients,” says Gerald L. Hassell, president of The Bank of New York.
Since the acquisition closed in October, the bank has been transitioning accounts, assets, systems and staff throughout the Global Corporate Trust business. The second phase – structured finance, CDO, international and loan agency business segments – will be completed by the end of the second quarter of 2007.
The merge made The Bank of New York the leading provider of corporate trust services worldwide, and allowed it to expand its offices in Europe, Asia and Latin America.