US Bancorp has said that its lead bank, U.S. Bank National Association, has completed the acquisition of the domestic and European-based securitization trust administration businesses of Bank of America, N.A.
This transaction is expected to strengthen U.S. Bank position in the US structured finance trust business and complements U.S. Bank’s current market position in the US corporate and municipal trust business.
The transaction will also establish a presence in Europe with offices in Ireland and London, England, providing U.S. Bank Corporate Trust Services with an opportunity to expand its distribution and product offerings abroad.
Under the terms of the agreement, U.S. Bank Corporate Trust Services acquired approximately 2,153 active securitization and related transactions, more than 2.4 million residential mortgage files and 84,000 commercial files, and $1.1 trillion in assets under administration.
Additionally, the transaction provided U.S. Bank with approximately $8bn of related deposits at close.
After conversion, which is currently expected to be completed by the end of the third quarter of 2011, the acquired US and European trust businesses will operate under the U.S. Bank trade name.