Bank of New York Co. said it will acquire the corporate trust business of the former Boatmen's Bancshares.
The $58 billion-asset New York bank, which ranks among the top three in corporate trust, will buy the unit from NationsBank Corp., which merged with Boatmen's in January. Financial terms were not disclosed.
The deal, expected to close in the third quarter, represents 4,500 bond trustee and agency relationships with U.S. corporations and municipalities. Bank of New York will manage the unit in St. Louis, where NationsBank has a corporate bond and coupon business. Some of the employees in that unit will be hired by Bank of New York.
It will be Bank of New York's 15th corporate trust acquisition since 1993, and one of its largest. The bank acquired NationsBank's corporate trust unit-with 11,500 bond trustee and agency relationships-in 1995.