Wells Fargo & Co. sells its corporate trust services business to Computershare in $ 750 million deal.
The agreement, which is expected to be finalized in the second half of the year, is subject to the usual closing conditions.
The CTS business provides trust and agency services for debt securities issued by public and private companies, government entities, and banking and securities companies.
Acquirer Computershare provides trust, transfer agency and other services. Under the agreement, approximately 2,000 Wells Fargo CTS employees across the United States will be transferred to Computershare.
“This transaction is in line with Wells Fargo’s strategy of focusing on the businesses that are at the heart of our home and business customers,” David Marks, chief commercial officer for Wells Fargo, said in a press release. “In addition, we believe that Computershare’s similar service approach and focus on innovative product development will be valuable to our customers and colleagues in corporate trust services in the future.”
Wells Fargo agreed to sell its $ 603 billion fund management unit, Wells Fargo Asset Management, to two private equity firms last month.
A Wells Fargo spokeswoman declined to comment beyond the announcement.