JPMorgan buys retail banking business

JPMorgan buys retail banking business
Tags: Bank / Credit Union, Other, Regulatory Issues
April 19, 2006

Datamonitor: JPMorgan Chase & Co. has acquired the retail arm of the Bank of New York, in exchange for JPMorgan's corporate trust operations and a cash payment of $150 million. The deal gives JPMorgan 338 branches, with customer deposits of $15 billion in the New York and tri-state region. Bank of New York's businesses are valued at a premium of $2.3 billion. JPMorgan's corporate trust business is valued at $2.15 billion.