BONY Acquires NatWest Custody Business

May 3, 2001 ( - The Bank of New York has signed a definitive agreement to acquire the institutional custody and administration business of NatWest Bank, a unit of the Royal Bank of Scotland.

Jeffrey Tessler, executive vice president of The Bank of New York, characterized the move as “continuing evidence of The Bank of New York’s strategic commitment to being the premiere European-based global provider of investor services.”

The move mirrors a previous transaction between the Bank of New York and Royal Bank of Scotland.  The former acquired RBS Trust Bank Ltd. from the latter in 1999. 

The Royal Bank of Scotland Group acquired NatWest in March 2000.

The Bank of New York currently has $6.8 trillion in assets under administration for its clients. With its European headquarters in London, it employs 4,000 people throughout the European Union, according to the firm.