The Bank of New York Trust Company Acquires TD Banknorth's Bond Administration Business
NEW YORK, June 12, 2006 -- The Bank of New York Company, Inc. announced today that its subsidiary, The Bank of New York Trust Company, N.A., has acquired the bond administration business of
The transaction involves the purchase of approximately 350 bond trusteeships and agency appointments, representing $5.2 billion of principal debt outstanding for an estimated 230 clients. Financial terms were not disclosed.
Karen B. Peetz, senior executive vice president and head of The Bank of New York’s corporate trust business, said, "TD Banknorth has an outstanding reputation throughout New England for highly personalized and responsive client service, which is a model we have built our business on. We expect a smooth transition for the clients involved in this transaction, who will be well served by our long-term commitment and focus on trust and agency services."
"The Bank of New York is the industry leader in corporate trust and bond administration services," said Robert B. Esau, president of
The acquisition of TD Banknorth’s bond administration business follows The Bank of New York‘s announcement in April that it has entered into a definitive agreement with JPMorgan Chase to acquire its corporate trust business. Upon completion of that acquisition, the Bank will be the leading global corporate trust franchise serving 90,000 clients worldwide with $8 trillion in total debt.
Currently, the Bank and its subsidiaries and affiliates administer a portfolio of trustee and agency appointments representing $3 trillion in outstanding securities for more than 30,000 clients around the world. The Bank is a recognized leader for trust services in several debt products, including corporate and municipal debt, mortgage-backed and asset-backed securities, derivative securities services and international debt offerings.
TD Banknorth Inc. (NYSE: BNK) is a leading banking and financial services company headquartered in Portland, Maine and a majority-owned subsidiary of TD Bank Financial Group with banking divisions in eight Northeastern states. Based on consolidated assets, TD Banknorth Inc. is one of the 25 largest commercial banking organizations in the United States.
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, asset management, and private banking. The Company’s extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. Additional information is available at www.bankofny.com.
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