JPMorgan Institutional Trust Completes Acquisition of Dai-Ichi Kangyo's Corporate Trust and Escrow Businesses

Business Wire, Feb 21, 2001

Business Editors

NEW YORK--(BUSINESS WIRE)--Feb. 21, 2001

JPMorgan Institutional Trust Services announced today that it has completed its acquisition of the corporate trust and escrow businesses of Dai-Ichi Kangyo Trust Company of New York (DKTC), a wholly owned subsidiary of The Dai-Ichi Kangyo Bank, Ltd. Terms of the transaction were not disclosed.

Under the agreement announced on December 27, 2000, substantially all of the accounts for which DKTC served as trustee or agent have been transferred to JPMorgan Institutional Trust Services.

"The acquisition of DKTC's corporate trust business enhances JPMorgan's status as a leading provider of trust and related services in the global capital markets," said Michael K. Clark, executive vice president in charge of Institutional Trust Services. "This acquisition is consistent with our strategy to grow this business through selective acquisitions."

The acquisition of DKTC's U.S.-based corporate trust and escrow businesses is the latest in a series of significant acquisitions by JPMorgan Institutional Trust Services (formerly Chase Capital Markets Fiduciary Services). During 2000, the division acquired the U.S.-based corporate trust business of The Fuji Bank and Trust Company, and the corporate and municipal trust business of First Tennessee Bank National Association. Earlier acquisitions included the corporate trust and agency businesses of Compass Bank and Mellon Bank in 1997, and PNC in 1998. In April 1999, Chase purchased the assets of the DCS Corporation, a software company specializing in Chapter 13 bankruptcy management services for bankruptcy trustees.

J.P. Morgan Chase & Co. is a premier global financial services firm with assets of $715 billion and operations in over 60 countries. The firm is a leader in investment banking, asset management, private equity, consumer banking, private banking, e-finance, and custody and transaction servicing. Headquartered in New York, J.P. Morgan Chase serves 32 million consumer customers and over 5,000 corporate, institutional, and government clients. The firm trades on the New York Stock Exchange under the symbol "JPM" and is one of the 30 stocks that makes up the Dow Jones Industrial Average. For more information, visit www.jpmorganchase.com.