Bankers Trust New York Corp. said Wednesday that it will form a global- custody joint venture with Credit Lyonnais covering $85 billion of the French bank's assets under management.

The U.S. bank is nearing a similar strategic alliance with a South African bank, said Richard Feehan, the London-based managing director of Bankers Trust's European custody business.

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.