NEW YORK Chase Manhattan Corp. has agreed to acquire the corporate trust business of Japans Dai-Ichi Kangyo Trust Bank that focuses on business in the United States.
Chase Manhattan Bank would take over the trust administration of a $5 billion portfolio containing outstanding corporate debt, municipal revenue bonds, euro bonds, commercial paper, and escrows from Dai-Ichi Kangyo Trust Bank of New York. The price of the deal, which is set to close in the first quarter, was not disclosed.
Chase, which will shortly close its merger with J.P. Morgan & Co., has been an aggressive acquirer in the institutional trust business recently. This year it bought the U.S. corporate trust business of Fuji Bank and Trust Co. and the corporate and municipal trust businesses of First Tennessee Bank National Association.
Chases institutional trust business services about $3 trillion of debt worldwide.
Dai-Ichi Kangyo is a member of the Mizuho Financial Group.
