11/24/03
NEW YORK, N.Y., November 24, 2003 - The Bank of New York announced today that it has signed a definitive agreement to acquire Fifth Third Bank’s corporate trust business.
The transaction involves the acquisition of approximately 5,000 bond trustee and agency appointments representing $45 billion of principal debt outstanding for nearly 4,000 clients. The transaction is subject to regulatory approval and is expected to close before year-end. The conversion is planned for the first quarter of 2004. Terms of the agreement were not disclosed.
Karen B. Peetz, executive vice president and corporate trust division manager for The Bank of New York, said, "Fifth Third’s corporate trust group has an impressive presence and track record in the Midwest, and we share a similar approach to the business. This substantially expands our Midwestern presence as we plan to open corporate trust offices in Cincinnati, Detroit and Indianapolis, complementing our existing locations in Chicago and St. Louis. We look forward to welcoming Fifth Third’s corporate trust staff and clients to The Bank of New York."
"The Bank of New York is a proven player in corporate trust services, and I am confident that our customers will continue to receive excellent service," said Steve Schrantz, executive vice president of Fifth Third Bancorp. "We will work very closely with The Bank of New York to ensure a seamless transition for our customers. Fifth Third is committed to offering best-in-class products as part of our relationship based approach to commercial banking, and trust services will continue to be a part of a complete product set for our middle market commercial clients. This agreement allows us to refine our focus and reinvest in our core businesses."
The Bank of New York is a leading provider of corporate trust and agency services. The Bank and its subsidiaries and affiliates administer a portfolio of more than 85,000 trustee and agency appointments, representing more than $1 trillion in outstanding securities for more than 30,000 clients around the world. The Bank is a recognized leader for trust services in a wide range of debt products, including mortgage-backed and asset-backed securities, corporate and municipal debt, derivative security services and international debt offerings.
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The company has $89 billion in assets, operates 17 affiliates with 952 full-service Banking Centers across the Midwest. Fifth Third operates four main businesses: Retail, Commercial, Investment Advisors and Fifth Third Bank Processing Solutions. The company’s common stock is traded through the NASDAQ National Market System under the symbol "FITB."
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in securities servicing for issuers, investors and financial intermediaries. The Company plays an integral role in the infrastructure of the capital markets, servicing securities in more than 100 markets worldwide. The Company provides quality solutions through leading technology for global corporations, financial institutions, asset managers, governments, non-profit organizations, and individuals. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has a distinguished history of serving clients around the world through its five primary businesses: Securities Servicing and Global Payment Services, Private Client Services and Asset Management, Corporate Banking, Global Market Services, and Retail Banking. Additional information on the Company is available at www.bankofny.com.
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