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BNY Mellon To Buy Balance Of JPMorgan Japanese Trust Bank

Stephen Harris 9 October 2008

BNY Mellon To Buy Balance Of JPMorgan Japanese Trust Bank

The Bank of New York Mellon is acquiring all outstanding shares in JPMorgan Chase’s Japanese trust bank as part of a 2006 deal. It intends to introduce its wide range of corporate trust products in Japan while continuing to provide the securitisation asset trustee services provided by the trust bank.

Scott Posner, chief executive of Global Corporate Trust at BNY said: “This transaction will allow us to capitalize on the significant corporate trust business opportunities in Japan while advancing our well-established leadership position across the Asia Pacific region. We now have six locations in Asia Pacific dedicated to serving the needs of our corporate trust clients and the region will play an increasingly important role in our continuing global growth in this space.”

The terms of the deal were not disclosed. It is expected to close in the first quarter of 2009.

In the 2006 deal, JPMorgan bought most of the BNY retail banking business, including 338 branches and about $15 billion in deposits. As its part of the deal, BNY got JPM’s corporate trust business and $150 million in cash.

 

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