U.S. Bank to Acquire the U.S. Municipal Bond Trustee Business from Deutsche Bank
U.S. Bancorp (NYSE: USB) announced today that its lead bank, U.S. Bank
National Association, has entered into a definitive agreement to
purchase the municipal bond trustee business of Deutsche Bank.
Expected to close in the third quarter of 2013, the transaction will add
approximately $57 billion to the more than $3 trillion in assets
currently under administration within U.S. Bank’s corporate trust
division. U.S. Bank has approximately 125,000 trust and agency
contracts. The Deutsche Bank transaction will add another 1,100
contracts. Terms of the agreement are not being disclosed.
“This transaction complements the existing U.S. Bank municipal bond
trustee business and will further strengthen our position as the #1
provider of municipal trustee and agency services in the nation,” states
Bryan Calder, president, U.S. Bank Global Corporate Trust Services.
“This acquisition is consistent with U.S. Bank’s ongoing commitment to
continued strategic business investments and its commitment to corporate
trust services.”
This transaction will build upon key U.S. municipalities and regions of
U.S. Bank’s global corporate trust business including California,
Mississippi, New York, Tennessee and Texas.
“The U.S. Bank team will work closely with Deutsche Bank to ensure a
seamless transition and is committed to providing our new customers with
the same high level of quality services our current U.S. Bank corporate
trust customers have come to expect,” states Terry McRoberts, executive
vice president, U.S. Bank Global Corporate Trust Services.
Satvinder Singh, Deutsche Bank Head of Trust & Securities Services and
Cash Management for Financial Institutions said, “Our main goal with
this transaction was to find a partner that will continue to deliver the
highest quality services to our municipal trust clients, enabling us to
sharpen our focus on our existing award winning global trust business.
We feel we have achieved our objective with our partner, U.S. Bank, with
whom Deutsche Bank has an excellent existing working relationship.”
About U.S. Bank Global Corporate Trust Services
U.S. Bank
Global Corporate Trust Services is one of the premier providers of
corporate trust services in the nation, serving private and public
companies, government and tax-exempt entities, and financial services
companies. The group operates a network of 48 domestic offices and three
international locations in Buenos Aires, Argentina; London, England; and
Dublin, Ireland.
About U.S. Bancorp
U.S. Bancorp (NYSE: USB), with $354
billion in assets as of December 31, 2012, is the parent company of U.S.
Bank, the 5th largest commercial bank in the United States. The Company
operates 3,084 banking offices in 25 states and 5,065 ATMs and provides
a comprehensive line of banking, brokerage, insurance, investment,
mortgage, trust and payment services products to consumers, businesses
and institutions. Visit U.S. Bancorp on the web at usbank.com.
