Bank of New York Co. said it hopes its deal for the corporate trust operations of London-based Coutts & Co. will strengthen its custody business in Europe before the introduction of a single currency next year.

Eleven member countries of the European Union are scheduled to start using a single currency on Jan. 4. The shift is expected to trigger a sharp increase in retail and institutional investments in stocks and bonds, along with more demand for fund management and custody.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.