As a result of this transaction, US Bank Corporate Trust Services will acquire approximately 2,153 active securitization and related transactions, more than 2.4 million residential mortgage files and 84,000 commercial files, and $1.1 trillion in assets under administration.
Additionally, the transaction is expected to provide US Bank with over $10bn of deposits.
Upon completion of the transaction, the acquired US and European trust businesses will operate under the US Bank trade name.
The transaction is subject to regulatory approval and is expected to close during December 2010.
US Bancorp vice chairman of Wealth Management and Securities Services Terrance Dolan said that this transaction strengthens the bank’s strong position in collateralized debt obligations and commercial and residential mortgage-backed securitizations.
“The transaction also establishes a US Bank Corporate Trust Services presence in Europe with offices in Ireland and London, England, while significantly enhancing the US Bank corporate trust presence in Chicago,” Dolan said.
