NEW YORK - Bank of New York Co. said Thursday that it has bought the corporate trust arm of Japan's Dai-Ichi Kangyo Bank Ltd.
Bank of New York, which has $76 billion of assets under management, acquired 350 trustee and agency bond issues, with a total face value of about $4 billion, mostly for municipalities in southern California, from the Japanese banking company's California subsidiary.
Terms of the deal were not disclosed
Mark F. Ferraris, senior vice president and head of corporate trust services at Bank of New York, said the company has made more than 30 similar transactions in the past three years.
