Source: Bank of New York
The Bank of New York has successfully completed the conversion of the Europe, Middle East and Africa (EMEA) business segments as part of its acquisition of JPMorgan Chase's corporate trust business.
The conversion of the EMEA business segments involved over 8,000 custody accounts with more than $250 billion and 14,000 cash accounts totaling over $9 billion. With the conclusion of the EMEA phase, the Bank has now completed the vast majority of the conversion process associated with the acquisition.
Samir Pandiri, managing director and head of International for corporate trust at The Bank of New York, said, "The success of this conversion underscores the Bank's ability to service every debt instrument across the EMEA region. We have added new offices in Luxembourg, Dublin, Frankfurt, Milan and Poole and greatly increased our on-the-ground presence in the region to nearly 600 employees to better serve our clients."
Through the acquisition, the Bank became the leading provider of corporate trust and agency services worldwide. Today The Bank of New York services $8 trillion in outstanding debt from offices in 54 cities and 18 countries around the world. The Bank and its subsidiaries and affiliates provide trust services for all major debt categories, including corporate and municipal debt, mortgage-backed and asset-backed securities, collateralized debt obligations, derivative securities services and international debt offerings.
Corporate trust providers are appointed by corporations, municipal governments and other entities issuing debt to perform a variety of duties, including servicing and maintaining the debt issue, processing principal and interest payments for investors, representing investors in defaults, and providing value-added services for complex debt structures.