Chase to Acquire Dai-Ichi Kangyo U.S. Corporate Trust Business
Chase Manhattan
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agreed to acquire
Dai-Ichi Kangyo Trust's
U.S. corporate trust and escrow business.
Financial terms weren't disclosed. Chase, which expects to close the transaction in the first quarter of 2001, will take over the trust administration of about $5 billion of outstanding debt for which Dai-Ichi Kangyo now serves as the trustee or agent.
The portfolio includes corporate debt, municipal revenue bonds, eurobonds, project and structured financing, medium-term notes, commercial paper and escrows.
Chase also acquired the U.S.-based corporate trust business of
TheStreet Recommends
Fuji Bank & Trust
and the corporate and municipal trust business of
First Tennessee National
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this year.
Shares of Chase slipped 25 cents, or 0.6%, to $45.50 in recent
New York Stock Exchange
trading.
