(RTTNews) - Wells Fargo & Company (WFC) said it agreed to sell its Corporate Trust Services business to Australia's Computershare Ltd. for $750 million.
The transaction is expected to close in the second half of 2021.
Computershare's Frank Madonna will lead the integration, as approximately 2,000 Corporate Trust Services employees across the U.S. are expected to transfer to the company as part of the acquisition.
Wells Fargo's Corporate Trust Services business provides a wide variety of trust and agency services in connection with debt securities issued by public and private corporations, government entities, and the banking and securities industries.
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