Chase to Acquire Dai-Ichi Kangyo's Corporate Trust Business.Business Editors NEW YORK--(BUSINESS WIRE)--December 27, 2000 The 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. , principal bank subsidiary of The Chase Manhattan Corporation The Chase Manhattan Corporation was a bank holding company formed as parent of the Chase Manhattan Bank. During its time as the parent company, it was led in succession by David Rockefeller, Willard C. Butcher, and Thomas G. Labrecque. (NYSE NYSE See: New York Stock Exchange : CMB Noun 1. CMB - (cosmology) the cooled remnant of the hot big bang that fills the entire universe and can be observed today with an average temperature of about 2. ), and Dai-Ichi Kangyo Trust Company of 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 ("DKTC"), a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of The Dai-Ichi Kangyo Bank The Dai-Ichi Kangyo Bank, Limited (株式会社第一勧業銀行 , Ltd., today announced a definitive agreement under which Chase will acquire DKTC's U.S.-based corporate trust and escrow businesses. The portfolio includes corporate debt, municipal revenue bonds, Eurobonds, project and structured financings, medium-term notes, commercial paper and escrows. Financial terms were not disclosed. Under the terms of the agreement, Chase's institutional trust division, Capital Markets Fiduciary Services, will take over trust administration of approximately $5 billion of outstanding debt for which DKTC now serves as trustee or agent. The transaction is expected to close in the first quarter of 2001. "The DKTC transaction is consistent with Chase`s strategy to grow our corporate trust business through selective acquisitions," said Michael K. Clark, Executive Vice President in charge of Capital Markets Fiduciary Services. "We are very excited about this opportunity and are committed to continuing to provide our customers with top-quality service as their trust needs grow in scope and complexity." "This decision to exit the corporate trust business in the U.S. is difficult, but I am confident that Chase has the necessary scale, resources and commitment to the corporate trust business to ensure that DKTC`s clients receive the highest quality products and services available in the market," stated Keiji Torii torii Symbolic gateway marking the entrance to Shinto shrines or other sacred spots in Japan. It has many variations, but it characteristically consists of two cylindrical posts topped by a crosswise rectangular beam extending beyond the posts on either side and a second , Regional Head of the Americas of The Dai-Ichi Kangyo Bank, Ltd. The acquisition of DKTC's U.S.-based corporate trust and escrow businesses is the latest in a series of significant acquisitions by Chase's institutional trust division. During 2000, the division acquired the U.S.-based corporate trust business of The Fuji Bank and Trust Company, and the corporate and municipal trust business of First Tennessee Bank National Association. Earlier acquisitions included the corporate trust and agency businesses of Compass Bank and Mellon Bank in 1997, and PNC PNC Purdue University North Central (Westville, Indiana) PnC Point 'n Click PNC Police National Computer PNC People's National Congress (Guyana) PNC People's National Congress in 1998. In April 1999, Chase purchased the assets of the DCS (1) See also DSC. (2) Digital Cross-connect System) A network switching and grooming device used by telecom carriers. See digital cross-connect. Corporation, a software company specializing in Chapter 13 bankruptcy management services for bankruptcy trustees. Dai-Ichi Kangyo Trust Company of New York is a wholly owned subsidiary of The Dai-Ichi Kangyo Bank, Ltd., a member of Mizuho Financial Group Mizuho Financial Group, Inc. (株式会社みずほフィナンシャルグループ , the world's largest financial organization with consolidated assets in excess of $1.4 trillion Chase`s institutional trust group is one of three divisions in Chase Global Services, the bank's information and transaction services franchise. It has a global network of more than 30 offices in 12 countries, including Chase Trust Bank in Tokyo and Chase Trustees Ltd. in London, with more than 1,800 employees worldwide. Through this global network, the institutional trust division delivers a broad range of products and services, including traditional corporate trust as well as structured finance, global securities clearance, collateral management settlement services and outsourcing support to a variety of U.S. and international government agencies. The division services more than $3.0 trillion in debt worldwide. It has embarked on a program of global growth via strategic product development and marketing, aggressive investment in internet-based capabilities and a strategic acquisition program focused on adding new products, distribution channels and extending its client base. Chase, with $426 billion in assets, is one of the world's premier financial services institutions, with operations in more than 50 countries around the world. Chase has top-tier rankings in many areas of investment banking, asset management, private banking, trading and global markets activities as well as information and transaction processing. Chase is a leading provider of financial solutions to large corporations, government entities, commercial banking clients, small businesses and individuals, and has relationships with more than 30 million consumers across the United States. Chase can be reached on the web at www.chase.com. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion