New York April 25, 2024 – Computershare Limited (ASX: CPU) has announced that it has agreed to acquire BNY Trust Company of Canada from BNY Mellon (NYSE: BK) through its Canadian trust company, Computershare Trust Company of Canada.
BNY Trust Company of Canada was established in 2001 and offers a range of trust and agency services in Canada to clients, including issuers, corporations, banks and government entities.
“We’re delighted to be bringing the experienced team at BNY Trust Company of Canada on board,” said Frank Madonna, CEO of Computershare Corporate Trust.
“The acquisition is squarely in line with our core strategy of building the scale and capability of our corporate trust operation and demonstrates our commitment to the provision of corporate trust services in North America.”
"Computershare is the right choice for BNY Trust Company of Canada, and we are confident in their ability to ensure our clients continue to receive best-in-class service. In turn, we remain fully focused and committed to our global Corporate Trust franchise outside Canada,” said Cécile Nagel, Global Head of Corporate Trust, BNY Mellon.
“We’ve invested heavily in our corporate trust business in recent years, including the acquisition and integration of the business from Wells Fargo, and we’re well placed to provide continuity of services through our highly experienced teams and market-leading operations,” said Toni De Luca, Head of Corporate Trust – Canada at Computershare.
BNY Trust Company of Canada is based in Toronto and has a portfolio of around 1,800 corporate trust mandates.
Computershare said it expected all relevant staff members to transfer as part of the deal, with new employees being able to operate from its own Toronto office.
The deal is scheduled to complete in the second half of calendar year 2024, subject to regulatory notifications and approvals and other customary closing conditions.
Computershare and BNY Mellon will work collaboratively to ensure the smooth transition of the business and staff.
For more information, see Corporate Trust