U.S. Bank, a subsidiary of Minneapolis-based U.S. Bancorp, says it has reached an agreement to buy the municipal bond trustee business of Deutsche Bank, Twin Cities Business reports.
The deal will add roughly $57 billion to the more than $3 trillion in assets already under administration within U.S. Bank’s corporate trust division. It will also add about 1,100 trust and agency contracts to the 125,000 contracts that U.S. Bank has.
“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,” Bryan Calder, president of U.S. Bank Global Corporate Trust Services, said in a news release. “This acquisition is consistent with U.S. Bank’s ongoing commitment to continued strategic business investments and its commitment to corporate trust services.”
Financial terms of the acquisition, which is slated to close in the third-quarter, were not released.