Wilmington Trust Strikes Corporate Debt Trustee Deal with Bank of America
February 19 2009 - 8:02AM
Business Wire
Wilmington Trust announced that it has reached a definitive
agreement with Bank of America, N.A. (�Bank of America�) through
which Bank of America has transferred the interests and
responsibilities associated with its corporate debt trustee line of
business to Wilmington Trust�s Corporate Client Services (�CCS�)
business. This does not impact Bank of America�s larger
securitization trustee business, LaSalle Global Trust Services.
The agreement is the result of Bank of America�s selection of
Wilmington Trust�s CCS business to assume corporate trustee
assignments of LaSalle Bank N.A. (�LaSalle�), which merged with
Bank of America in 2007. CCS will perform corporate trust services,
including indenture trustee and registrar paying agent services,
for LaSalle�s former clients, effective immediately. Wilmington
Trust will not take on any additional staff in the transfer of
business from Bank of America.
�Our ability to finalize this agreement with Bank of America
reflects our status as a premier global provider of corporate trust
services,� said Ted T. Cecala, chairman and CEO of Wilmington
Trust. �Our CCS business continues to grow despite significant
challenges in the capital markets and is an important contributor
to the diverse sources of revenue our company enjoys.�
Terms of the agreement, which does not require regulatory
approval, were not disclosed. It is expected that the transaction
will be immaterial to Wilmington Trust�s earnings for 2009.
�Corporate trust is a core business for us, and we appreciate
Bank of America�s confidence in us to perform these services for
clients,� said Jack Beeson, senior vice president of Wilmington
Trust and head of CCS� Corporate Capital Markets business, in
commenting on Bank of America�s selection of CCS to be its
corporate trust successor.
This transaction represents the fourth expansion initiative in
Wilmington Trust�s CCS business during the past 13 months. Since
early 2008, CCS acquired AST Capital Trust Company and UBS
Fiduciary Trust Company to augment its corporate retirement
services business and added 14 capital markets experts who
specialize in working with distressed debt, corporate
restructurings and bankruptcies, loan administration, high-yield
debt issuance, and other capital markets transactions.
CCS is a leading provider of institutional trustee, agency,
asset management, retirement plan services, and administrative
services for clients worldwide who use capital market financing
structures, as well as those who seek to establish and maintain
nexus, or legal residency, for special purpose entities.
Wilmington Trust Corporation (NYSE:WL) is a financial services
holding company that provides Regional Banking services throughout
the mid-Atlantic region, Wealth Advisory Services for
high-net-worth clients in 36 countries, and Corporate Client
Services for institutional clients in 86 countries. Its wholly
owned bank subsidiary, Wilmington Trust Company, which was founded
in 1903, is one of the largest personal trust providers in the
United States and the leading retail and commercial bank in
Delaware. Wilmington Trust Corporation and its affiliates have
offices in Arizona, California, Connecticut, Delaware, Florida,
Georgia, Maryland, Massachusetts, Minnesota, Nevada, New Jersey,
New York, Pennsylvania, South Carolina, Vermont, the Cayman
Islands, the Channel Islands, London, Dublin, Frankfurt,
Luxembourg, and Amsterdam.
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