Computershare buys UMB Bank's transfer agent business
24 July 2007 | 2100 views | 0
Computershare Limited (ASX: CPU), a leading financial services provider for the global securities industry, today announced it has acquired the transfer agent business of UMB Bank, n.a.
UMB provides transfer agent services for just over 100 public US companies with approximately 350,000 shareholder accounts. Financial terms of the transaction were not disclosed.
The acquisition of UMB's transfer agent business will bring Computershare's capabilities to clients in the Great Plains. This will be Computershare's first office in the region. "We are excited to establish a presence in Kansas City, Missouri - and we look forward to providing public companies in that part of the country our industry-leading solutions," said Steve Rothbloom, President and CEO of Computershare North America. "UMB clients in all other regions of the United States will benefit from our position as the most experienced transfer agency in the world."
Under a transition plan, Computershare and UMB employees, including key members of Computershare's senior management team, will be working together over the next several months to ensure a smooth conversion of UMB clients' shareholder accounts.