Computershare Limited Has Announced That It Has Agreed To Acquire BNY Trust Company Of Canada From BNY Mellon
Portfolio Pulse from Benzinga Newsdesk
Computershare Limited (ASX: CPU) has agreed to acquire BNY Trust Company of Canada from BNY Mellon (NYSE:BK). This acquisition aligns with Computershare's strategy to expand its corporate trust services in North America. BNY Trust Company of Canada, established in 2001, offers trust and agency services and has around 1,800 corporate trust mandates. The deal, expected to close in the second half of 2024, includes the transfer of relevant staff to Computershare's Toronto office, subject to regulatory approvals.
April 25, 2024 | 3:34 pm
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BNY Mellon (NYSE:BK) is selling its BNY Trust Company of Canada to Computershare, focusing on its global Corporate Trust franchise outside Canada.
The sale of BNY Trust Company of Canada to Computershare allows BNY Mellon to concentrate on its global Corporate Trust business. While the deal might not have a significant immediate financial impact on BNY Mellon's stock, it reflects strategic refocusing. The transaction's completion is expected in the second half of 2024, indicating a neutral short-term impact as the market absorbs the news and awaits the deal's closure.
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