BoNY buys NatWest's institutional custody business
UK/US - NatWest Bank, part of Royal Bank of Scotland, has agreed to sell its institutional custody and administration business to Bank of New York. The price of the sale has not been disclosed.
Royal Bank of Scotland has already sold its administration and custody business, RBS Trust Bank, to the US bank and in its integration process it is disposing of the similar unit of NatWest, which it acquired just over a year ago.
“We are pleased that the NatWest institutional custody and administration clients will have the opportunity to join the Bank of New York. We have enjoyed an excellent working relationship following the sale of RBS Trust Bank, our institutional and retail fund administration and custody business, to the Bank of New York,” says John Thornton, managing director of corporate and commercial banking at Royal Bank of Scotland.
Bank of New York is the world’s largest custodian and it has US$6.8trn in total assets under administration as of March 31.