Chase, U.S. Trust eye California market.Chase, U.S. Trust eye California market Eastern financial giants are mulling acquisitions here New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of financial giants Chase Manhattan Bank The Chase Manhattan Bank, now part of JPMorgan Chase, was formed by the merger of the Chase National Bank and the Bank of the Manhattan Company in 1955. The bank is headquartered in New York City. and U.S. Trust Corp. say they may acquire California banks in order to better tap the market for high-end services for wealthy clients. The acquisition would be the second in California for U.S. Trust, which in March announced it would buy Los Angeles-based Manilabank California. U.S. Trust President Jeffrey Maurer recently told American Banker American Banker is a daily newspaper covering the financial services industry. Founded in 1835 and based in New York, American Banker's 70 reporters and editors in six cities monitor developments and breaking news affecting banks. , an industry trade paper, the bank was considering further acquisitions in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, . The head of Chase Manhattan's private banking subsidiary, Senior Vice President Deborah Talbot, said that institution may acquire a small commercial bank in California to offer existing clients full banking services, which is possible only for institutions which have a California banking charter. The announcements may demonstrate the chief effect of California's interstate banking law, which took effect Jan. 1, was not acquisitions of large California institutions by East Coast banking giants, but instead a targeting of well-heeled depositors and investors who provide banks with one of their most lucrative businesses. Competition for such business is already stiff, with California banking giants Security Pacific Corp., First Interstate Bancorp First Interstate Bancorp was a bank based in the United States that was taken over in 1996 by Wells Fargo. It was headquartered in Los Angeles. The name has continued to be used in the banking world by used after the merger by First Interstate Bank who had been using the , Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. & Co. and BankAmerica Corp. providing trust and private banking services. In addition, many smaller banks as well as brokerage houses specialize in serving high income individuals. "It is already very competitive, but (U.S. Trust) could double their presence in the California market and it still wouldn't be felt" by existing rivals, said John Heffern, an analyst at Alex. Brown & Sons brokerage firm. "The asset management business is very profitable and you don't need a huge profit to make those profitable." U.S. Trust currently has $1 billion of its $18.4 billion of assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. in California, which it entered in 1987. Another Eastern trust in the California market, Northern Trust is currently closing a transaction to acquire Tri Valley National Bank in Dublin, Calif. "It's an advantage to have full banking powers," said Alison Winter, president and chief executive of Northern Trust of California, which has $1.4 billion of assets under management or administration in the state. "We don't expect them to do all their banking with us, but it is helpful in serving the accounts we have." Private banking divisions and trust companies provide services such as asset management, trust advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal and customized credit and banking transaction services. |
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