Bank of New York said Wednesday that it had agreed to acquire the corporate and municipal bond administration business of Wells Fargo & Co., San Francisco.
Terms of the deal were not disclosed.
The acquisition calls for approximately 5,000 bond trustee and agency appointments, representing approximately $85 billion in securities for municipal and corporate issuers, to be transferred to BNY Western Trust Co., a Bank of New York affiliate in Los Angeles.
Bank of New York has completed 13 other corporate trust acquisitions over the past four years. The company bills itself as the largest provider of securities processing services nationwide.
The transaction is expected to close in the first quarter.