U.S. Bancorp (USB), the nation’s largest regional bank, agreed to buy Deutsche Bank AG (DBK)’s municipal bond trustee business. Terms weren’t disclosed.
The deal, expected to be completed in the third quarter, will add about $57 billion to the $3 trillion in assets under administration by U.S. Bancorp’s corporate-trust division, the Minneapolis-based lender said today in a statement. The transaction will build on the bank’s trust business in California, Mississippi, New York, Tennessee and Texas, according to the statement.
U.S. Bancorp Chief Executive Officer Richard Davis, 55, has said part of the firm’s acquisition strategy will be focused on its payments and trust businesses. The company added about $25 billion in hedge-fund assets under administration through the purchase of AIS Fund Administration in November. Trust and investment-management fees increased 5.5 percent last year to $1.06 billion from 2011.
“This acquisition is consistent with U.S. Bank’s ongoing commitment to continued strategic business investments and its commitment to corporate-trust services,” Bryan Calder, president of U.S. Bancorp’s global corporate-trust services, said in today’s statement.
To contact the reporter on this story: Laura Marcinek in New York at lmarcinek3@bloomberg.net
To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net
Well Well Well.. so the fraud comes home to roost. Now it couldn't be that US Bank agreed to this deal because of the trustee position it has with alot of private NPL investors now would it? And that a majority of them NPL came from illegal gains from Deutsche Bank..through Washington Mutual and Long Beach or Wells Fargo..who bought servicing from Wamu in 2007 .. I see a bait and switch game going on here. SEC are you watching? CFPB are you watching? Occ are you watching? FDIC are you watching? Or are all the above gonna play see no evil , speak no evil, hear no evil again? Fraud is fraud, no matter how deep these banks NAMELY DEUTSCHE tries to hide it. Its time these people who are suppose to protect us start looking deeper into how these to big to fail banks are operating.
Pam I am so sorry what your going through, contact all the above , the SEC, The FDIC,The OCC, and The CFPB .. file reports ..contact your state Senators, and Congressmen, let them know what is happening, DON'T BE SILENT.. and keep filing them. People need to report the abuse these banks are doing. These private NPL investors that banks are using for these bonds etc.. are trying the bait and switch to bury the fraud from the original note. Don't let them ,report them. Don't stand down Pam, fight!!
Deutsche Bank should NOT be allowed to do business in this country period! All big banks need to be dismantled before they do more harm, which FYI has already begun.
Pam Ragland 2 days ago
US Bank - sold my home of 19 years that had equity in it
illegally under a restraining order, admitted they knew I had a restraining
order (at the time, later they tried to deny it), knew my home loan was forged
(professionally) so my loan could be swapped to one of those bad loans from what
I was promised, and has been fighting since 12/2008 to first kick me out of a
house they did not have the legal right to sell -- at Christmas -- and now keep
from paying me for what they stole.
Now, with no hope of ever getting my house back, knowing how
much this has cost me as a single mom and devastated my kids and family, and
the CA Appeals Court ruling they were restrained from selling my home in a
landmark published ruling -- they keep trying to cheat me and keep from paying
me what they should. Recently they tried
to limit their damages in court. They
continue to bully people around who have legitimate claims. I have people all over the net telling me
horror stories. If you do any kind of
business with US Bank, BUYER BEWARE!!
Find out more at http://www.RaglandVUSBank.com
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