BoNY completes JPMorgan trust purchase

The Bank of New York gains five new trust offices in Asia under the deal.
The Bank of New York BoNY has completed its acquisition of JPMorgan ChaseÆs corporate trust franchise, giving it access to both domestic and cross-border elements of the business and adding a significant headcount in Asia.

The transaction, which was first announced in April, will strengthen BoNYÆs position in the corporate trust world in the US and internationally, servicing a combined client base with $8 trillion in total debt outstanding in 20 countries. In Asia, BoNY picks up five new regional offices in Japan, South Korea, the Philippines, Taiwan and Hong Kong. The new offices will complement its existing corporate trust business in Singapore. In other parts of the world, Bo...
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