SCOTIABANK GROUP ACQUIRES U.S. TRANSFER AGENT
TORONTO, June 1 - Scotiabank announced today the completion of a transaction to acquire 100 per cent of the common and preferred shares of Colorado-based transfer agent, American Securities Transfer and Trust, Inc. (``AST').
``The acquisition of AST, the ninth largest commercial transfer agent in the United States, complements Montreal Trust's leadership position in our two core businesses -- stock transfer and corporate trust services,' explained Paul LeBlanc, Executive Vice President, Montreal Trust, who will assume responsibility for the AST operations.
``With Montreal Trust acting as the transfer agent for over 62% of all publicly listed companies in Canada, and AST acting as the U.S. agent, we will be able to provide our clients a full range of multi-jurisdictional services, including the ability to consider public offerings in both countries.
Specifically, the acquisition permits us to expand from the co-agent services we currently provide through The Bank of Nova Scotia Trust Company of New York, to full service main agent capabilities in the U.S.,' LeBlanc added.
``AST's success has been built on the high level of customer service we provide for our clients,' said Charles Harrison, President & CEO, American Securities Transfer and Trust, Inc. ``We're pleased that Montreal Trust is equally committed to maintaining similar high standards of customer service. For this reason, the Scotiabank Group is an excellent fit for our organization and together we'll be able to enhance the scope of services we can offer our clients.'
With more than $211 billion in assets, Scotiabank is one of North America's largest financial services companies. It is also Canada's most international bank, with more than 1,700 branches and offices in 53 countries around the world.
In 1994, Montreal Trust became a wholly owned subsidiary of The Bank of Nova Scotia and a member of the Scotiabank Group. Montreal Trust is Canada's leading provider of stock transfer and corporate trust services. Incorporated in 1889, Montreal Trust operates in all major centres across Canada.
Incorporated in 1969, American Securities Transfer and Trust, Inc. is the 9th largest commercial transfer agent in the United States, ranked by number of shareholders serviced and the 8th largest, ranked by number of issues. AST is headquartered in Denver, Colorado, and has a diverse client base across the U.S.
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For further information: Paul LeBlanc, Executive Vice President, Montreal Trust, (416) 860-5503; Charles Harrison, President & CEO, American Securities Transfer and Trust, Inc., (303) 298-5370 |
