The Bank of New York has successfully completed the conversion of the Europe, Middle East and Africa (EMEA) business segments as part of its acquisition of JPMorgan Chase's corporate trust business.
The conversion of the EMEA business segments involved over 8,000 custody accounts with more than $250 billion and 14,000 cash accounts totaling over $9 billion. With the conclusion of the EMEA phase, the Bank has now completed the vast majority of the conversion process associated with the acquisition.
Samir Pandiri, managing director and head of International for corporate trust at The Bank of New York, said, "The success of this conversion underscores the Bank's ability to service every debt instrument across the EMEA region. We have added new offices in Luxembourg, Dublin, Frankfurt, Milan and Poole and greatly increased our on-the-ground presence in the region to nearly 600 employees to better serve our clients."
