Zions Bancorporation is to merge its public key infrastructure affiliate Digital Signature Trust Co. with Identrus, in return for a thirty-three per cent stake in the bank-backed global trust system.
Under terms of the agreement, Zions will maintain an ownership in Identrus of approximately 33 percent in exchange for DST. Zions will also have representation on the Identrus board, with two positions that it expects to be filled by Doyle Arnold, Zions Bancorporation chief financial officer, and Donald Ogilvie, executive vice president of the American Bankers Association (ABA).
The ABA manages the policy and rules for the US TrustID programme, an interoperable PKI scheme for US banks implemented by DST. The ABA is a minority owner in DST and will maintain a small ownership in Identrus.
Donald Ogilvie, ABA executive vice president, says: "This merger marks an alignment of the US and global digital ID efforts for our industry."
The name of the combined company will be Identrus, with headquarters located in New York City and significant operations in Salt Lake City. Sales offices will be located in London and Washington, DC.
Harris Simmons, president and CEO of Zions, says: "Financial institutions have a long tradition of trust with their customers, and we continue to believe they are the best source for issuing digital certificates to their business and retail customers."
The merger is expected to be completed in the second quarter of this year. Other financial terms of the agreement have not been released.