ANZ puts trust in new custodian services acquisition
(29 July 2004 – Australia) ANZ has boosted its custodian services business by acquiring Trust Company of Australia’s client base.
The deal means ANZ owns Trust’s custody services clients in equity, fixed interest and related asset products. The additional business means the bank’s assets under custody business is now worth $61 billion, up from $50 billion.
ANZ managing director, Trade and Transaction Services, Mark Paton, said the addition of Trust’s custody client base was a further step in building a leading specialist custody business.
"Custodian services is an attractive business which leverages ANZ’s strong corporate and institutional client franchise and offers good growth opportunities," he said.
"We already have a successful organic growth strategy in custody services based on a specialist focus which has seen assets under custody grow by 20 percent during 2004.
"This move enhances the product and service offerings we can deliver to clients and builds further scale for the business," Paton said.
ANZ managing director, Trade and Transaction Services, Mark Paton, said the addition of Trust’s custody client base was a further step in building a leading specialist custody business.
"Custodian services is an attractive business which leverages ANZ’s strong corporate and institutional client franchise and offers good growth opportunities," he said.
"We already have a successful organic growth strategy in custody services based on a specialist focus which has seen assets under custody grow by 20 percent during 2004.
"This move enhances the product and service offerings we can deliver to clients and builds further scale for the business," Paton said.
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