U.S. Bank Muni Deal Adds $57B to Admin Assets
U.S. Bancorp announced that its lead bank, U.S. Bank, 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.”