20 August 2017
Find out more

Identrus swallows up Digital Signature Trust Co.

25 March 2002  |  2828 views  |  0 Identrus

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.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Identrus-compliant Outlook for Kyberpass

Identrus-compliant Outlook for Kyberpass

18 February 2002  |  2544 views  |  0 comments
IBJ and Standard Chartered pilot Identrus IDs

IBJ and Standard Chartered pilot Identrus IDs

14 February 2002  |  3061 views  |  0 comments

Related company news

 

Related company information

IdenTrust

Related blogs

Create a blog about this story (membership required)
download the paper nowvisit www.dorsum.euvisit www.worldpaymentsreport.com

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
9950 views comments | 23 tweets | 23 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
8383 views comments | 19 tweets | 23 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
7983 views comments | 10 tweets | 7 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
7876 views 0 | 3 tweets | 1 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
7249 views comments | 15 tweets | 13 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job