Wilmington Trust, a financial services holding company, has reached a definitive agreement with Bank of America, through which the bank has transferred the interests and responsibilities associated with its corporate debt trustee line of business to Wilmington Trust’s corporate client services business.
Wilmington Trust said that this deal would not impact Bank of America’s securitization trustee business, LaSalle Global Trust Services.
The agreement is the result of Bank of America’s selection of Wilmington Trust’s corporate client services (CCS) business to assume corporate trustee assignments of LaSalle Bank, which merged with Bank of America in 2007. CCS will perform corporate trust services, including indenture trustee and registrar paying agent services, for LaSalle’s former clients. Wilmington Trust will not take on any additional staff in the transfer of business from Bank of America.
Terms of the agreement, which does not require regulatory approval, were not disclosed. It is expected that the transaction will be immaterial to Wilmington Trust’s earnings for 2009.
Ted Cecala, chairman and CEO of Wilmington Trust, said: Our ability to finalize this agreement with Bank of America reflects our status as a premier global provider of corporate trust services. Our CCS business continues to grow despite significant challenges in the capital markets and is an important contributor to the diverse sources of revenue our company enjoys.
