The private banking arm of KeyCorp in Cleveland has established a Delaware trust company and hired two veterans from competitors to help run it.
Key National Trust Company of Delaware, part of Key Private Bank, will provide trust services for wealthy clients who are seeking "asset protection, tax savings and flexibility using Delaware's favorable laws," KeyCorp said.
Key Private Bank has appointed two industry veterans to launch the division.
Anne Marie Levin, senior vice president and national Delaware trust specialist, will be responsible for working with attorneys and accountants to assist in managing estate and tax planning for high-net-worth clients. She joins Key Private Bank from PNC Bank where she was a vice president and a Delaware trust specialist.
Isabel Pryor, senior vice president and regional trust manager, will focus on the administration of the Delaware trusts, including mitigating risk and maintaining compliance. Pryor was most recently a vice president and a senior trust and fiduciary specialist at Wells Fargo & Co.
"Building Key Private Bank's capabilities to provide an array of trust services has been a strategic objective for the firm," Catherine O'Malley Kearney, director of trust administration with Key Private Bank, said in a news release Thursday.
"With the addition of Isabel and Anne Marie, we have taken significant steps to expand our presence and offer trust services for business owners, professionals, and other wealthy individuals who can benefit from Delaware's favorable personal trust laws to save taxes and protect their hard-earned assets from creditors."
