Under the deal, US Bank will acquire the institutional trust business providing services to retirement plans, labor management trusts, and registered investment advisors.
Terms of the transaction were not disclosed.
Through the deal, the institutional trust and custody division of US Bank will acquire about 4,300 client relationships with $42bn in assets under administration.
Union Bank noted the decision to exit the retirement plan services, labor management trust services, and registered investment advisor business segments wil not affect any of its other banking relationships, products, or services.
The deal will enable Union Bank to expand its banking, global treasury management, asset management, brokerage, corporate trust, and institutional custody business segments nationwide.
