Wells Fargo to sell its Corporate Trust Services to Computershare
By Pavithra R
Wells Fargo & Company, has announced entering into a definitive agreement to sell its Corporate Trust Services (CTS) business to Computershare. The transaction is subject to customary closing conditions and is expected to close in the second half of 2021.
Wells Fargo’s CTS business provides various trust and agency services in connection with debt securities issued by public and private corporations, government entities, and the banking and securities industries.
“This transaction is consistent with Wells Fargo’s strategy of focusing on businesses that are core to our consumer and corporate clients. Additionally, we believe that Computershare’s similar approach to service and their emphasis on innovative product development will be valuable to our clients and Corporate Trust Services colleagues in the future,” said David Marks, head of Wells Fargo Commercial Capital.
Computershare, with decades of experience and 2,300 clients across North America in diverse industries brings a long-term commitment to the business, along with a market-leading client services approach. It is also the largest Title Custodian service provider in the Canadian Mortgage-Backed Securities industry.
“We’re excited to welcome these new employees to the Computershare family. We know they are interested in the same things we’re passionate about: providing excellent customer service, supporting diversity and inclusion efforts, and giving back to local communities. We’re confident that as our businesses come together following the closing, our client proposition will be second to none in North America,” said Madonna.
Established in 1852, San Francisco based Wells Fargo & Company is an American multinational financial services company with $1.9 trillion in assets. Wells Fargo Corporate & Investment Banking delivers a comprehensive suite of capital markets, banking, and financial products and services. Its vision is to satisfy customers’ financial needs and help them succeed financially.
IBSi Daily News Analysis
February 23, 2024
Regulated firms battle surge in financial crime attempts, research revealsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage