Bank of New York Co. has agreed to buy Bank of Montreal's corporate trust business in the United Kingdom.

Terms of the deal, which is expected to close in the second quarter, were not disclosed. Bank of New York has made 20 acquisitions in the corporate trust sector in the past five years, in a program to build volume in this business. Corporate trust covers a broad range of services such as trustee, paying agency, registrar, and securitization trusteeship for issuers and holders of corporate and public sector bonds.

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