Australia's Computershare has acquired USA-based Fifth Third Bancorp's stock transfer business.
In addition to its approximately 80 clients, Fifth Third Bancorp will also use Computershare as its own stock transfer agent and employee stock purchase plan provider. All records are expected to be migrated to Computershare's proprietary Scrip platform by 31 August 2003.
Under the deal, Computershare will absorb the business into its Chicago and Cleveland offices and as a result there will be no transfer of staff from the bank.
Andrew Hauck, senior vice president, Fifth Third Bank, says: "This agreement ensures our customers will continue to receive superior service and allows us to refine our focus on our core businesses of retail and commercial banking, investment advisory and electronic payment processing."
Computershare, which claims to be the largest global stock transfer agency, provides its clients with a range of additional services through its integrated business model, such as analytical tools, consulting and print and electronic document services.