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Chase buys trust company
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December 27, 2000: 11:08 a.m. ET
Chase gets Dai-Ichi Kangyo Trust Co. of NY for undisclosed amount
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NEW YORK (CNNfn) - Chase Manhattan Bank continued to boost its institutional trust business Wednesday, picking up the Dai-Ichi Kangyo Trust Company of New York for an undisclosed sum.
The Dai-Ichi Kangyo Trust Company (DKTC) is a subsidiary of Dai-Ichi Kangyo Bank Ltd. and administers about $5 billion in debt.
Chase's institutional trust division, Capital Markets Fiduciary Services, will take control of DKTC, with the deal expected to close in the first quarter of 2001.
"The DKTC transaction is consistent with Chase's strategy to grow our corporate trust business through selective acquisitions," said Michael K. Clark, executive vice president in charge of Capital Markets Fiduciary Services, in a statement.
Over the past year, Chase (CMB: Research, Estimates) has acquired Fuji Bank and Trust Co.'s U.S. trust business, and Tennessee Bank National Association's corporate and municipal trust businesses.
Shares of Chase fell 69 cents to $45.06 in Wednesday morning trading. 
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