Wells Fargo sells corporate trust services to Computershare
By Pavithra R
Wells Fargo & Company, has announced that it has entered 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 a variety of trust and agency services relating to debt securities issued by public and private companies, government entities, and the banking and securities industries.
“This transaction is in line with Wells Fargo’s strategy of focusing on the businesses that are at the heart of our consumer and business customers. In addition, we believe that Computershare’s similar service approach and focus on developing innovative products will be valuable to our clients and colleagues at Corporate Trust Services going forward, ”said David Marks, Director of Wells Fargo Commercial Capital.
Computershare, with decades of experience and 2,300 clients across North America in various industries, brings a long-term commitment to the business, along with a cutting-edge customer service approach. It is also the largest provider of securities depository services to the Canadian mortgage-backed securities industry.
“We are delighted to welcome these new employees to the Computershare family. We know they’re interested in the same things that we’re passionate about: providing great customer service, supporting diversity and inclusion efforts, and giving back to local communities. We are confident that as our businesses come together after the close, our client proposition will be second to none in North America, ”said Madonna.
Founded in 1852, based in San Francisco Wells Fargo & Company is an American multinational financial services corporation with assets of $ 1.9 trillion. Wells Fargo Corporate & Investment Banking offers a full range of capital markets, banking and financial products and services. Its vision is to meet the financial needs of clients and help them achieve financial success.
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