J.P. Morgan's ( JPM - Get Report) Institutional Trust Services division agreed to acquire Bank One's ( ONE - Get Report) Corporate Trust Services business for $720 million in a deal the companies expect to complete later this year.

The acquisition requires regulatory approval. Of the acquisition price, 10% depends on business retention.

J.P. Morgan said the addition of Bank One's portfolio will increase its aggregate corporate trust portfolio to more than $4.5 trillion and strengthen its position across a mix of trust products and services, including corporate and municipal debt, structured finance and escrow.

"This is a unique opportunity to purchase a sizeable corporate trust portfolio that will allow us to better serve our new and existing clients with a broad array of top quality products and services," J.P. Morgan said in a press release. "Our increased market footprint means we can now offer a variety of products to an even wider range of clients."

J.P. Morgan has assets of $803 billion and operations in more than 50 countries. Bank One is the sixth-largest bank holding company in the U.S., with assets of nearly $300 billion.

Shares of J.P. Morgan were up 35 cents, or 1%, to $35.21, and Bank One was gaining 59 cents, or 1.5%, to $39.70.