Bank of New York Co. Inc. announced that it has completed the conversion of the custody business segments in Europe, Middle East, and Africa that it received as part of its acquisition of JPMorgan Chase & Co.'s corporate trust business.
The project involved more than 8,000 custody accounts with more than $250 billion, along with 14,000 cash accounts totaling over $9 billion.
Bank of New York said Monday that it now has completed the vast majority of the conversion of the acquired business.
Samir Pandiri, the managing director and head of international corporate trust at Bank of New York, said in a press release that was issued on Monday that the three-region conversion added offices in Luxembourg, Dublin, Frankfurt, Milan, and Poole, England.
Bank of New York now has nearly 600 employees in the regions, he said.
In October, Bank of New York completed a swap of its 338 retail branches for JPMorgan Chase's corporate trust business.
Chase converted the Bank of New York branches to Chase branches in March.
The swap made Bank of New York the world's leading provider of corporate trust and agency services.
It services $8 trillion of outstanding debt from offices in 54 cities and 18 countries.
