U.S. Bank agreed to purchase the corporate trust and institutional custody businesses of Wachovia Corp., the company announced. U.S. Bank Corporate Trust Services will acquire approximately 14,100 new client issuances and $410 billion in assets under administration. The transaction has a $720 million initial cash purchase price with additional payment potentially reaching $80 million within one year, based on business retention levels. Following the deal's close, U.S. Bank will be the largest tax-exempt debt trustee, the second largest in the area of asset-backed and mortgage-backed securities, and the third largest in new corporate bond issuances, as well as the ninth-largest institutional custody provider.
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