Wilmington (NYSE:WL)
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From Jul 2019 to Jul 2024
Wilmington Trust Corporation (NYSE:WL), a leading provider of
specialised trust, agency, and administrative services to corporations
worldwide, announced today the latest expansion of its Corporate Client
Services (CCS) business in Europe with the acquisition of Amaco
(Luxembourg) S.A., a Luxembourg-based supplier of entity management
services. The organisation will be known as Wilmington Trust SP Services
(Luxembourg) S.A.
The acquisition of the Luxembourg business of Amaco Management Services,
a corporate trust provider based in the Netherlands, extends Wilmington
Trust’s capabilities for corporate clients and
gives it a physical presence in another major European financial centre.
Wilmington Trust’s other European offices are
in London, England; Dublin, Ireland; and Frankfurt, Germany. The
acquisition follows several strategic investments Wilmington Trust made
in CCS in 2006, including the opening of the Frankfurt office, the
expansion of its business in the Cayman Islands through an acquisition,
and the creation of Wilmington Trust Conduit Services, LLC to serve the
collateral administration and reporting needs of collateralized debt
obligations (CDOs), the fastest-growing area of the structured finance
industry.
“Luxembourg’s
central location in Europe and its favourable legal and tax environments
have long made it an attractive jurisdiction for corporate business,”
said Wilmington Trust chairman and CEO Ted T. Cecala. “Over
the past several years, Europe has been an increasingly significant
source of CCS revenue.
“This acquisition builds on that momentum and
reflects our strategy to invest in businesses with excellent growth
potential.”
Beyond serving as a preferred international jurisdiction for entity
management services, Luxembourg is also an attractive location for other
specialised services that CCS provides to corporate clients such as
investment managers, captive insurance companies, and many structured
finance products, including CDOs. As a result, Wilmington Trust’s
presence in Luxembourg is expected to benefit the CCS business as a
whole.
Amaco’s entity management services in
Luxembourg consist of management, domiciliation, accounting, and
director services for international holding and finance companies. As
independent service providers, both Amaco (Luxembourg) S.A. and
Wilmington Trust’s CCS group are free from
potential business conflicts that can arise when providers also offer
investment banking and lending services to their corporate clients.
“Beyond extending our capabilities in Europe,
this acquisition reinforces our competitive advantage of being an
independent, conflict-free service provider,”
said Christophe Schroeder, managing director and head of Wilmington Trust’s
CCS business in Europe. “This business
approach is highly valued by corporate clients and makes for a strong
cultural fit between our respective organisations.”
Amaco (Luxembourg) S.A. employs eight staff members, all of whom will be
retained by Wilmington Trust. Terms of this acquisition were not
disclosed. Its associated revenue and expenses will be consolidated into
Wilmington Trust’s financial statements. It
is anticipated that the acquisition will have a neutral effect on
Wilmington Trust’s earnings in 2007.
Wilmington Trust’s CCS business provides
specialised trust, administrative, and investment management services
for national and multinational institutions. Its entity management
services help clients maintain “nexus,”
or legal residency, in jurisdictions around the globe that offer
favourable legal and tax environments. Its capital markets services are
integral to many complex financing structures, including asset-backed
securitisations. CCS’s retirement plan
services provide trustee and custodial services for pension plans,
401(k) plans, and other corporate plans.
Wilmington Trust Corporation (NYSE:WL) is a financial services holding
company that provides Regional Banking services throughout the Delaware
Valley region, Wealth Advisory Services for high-net-worth clients in 36
countries, and Corporate Client Services for institutional clients in 86
countries. Its wholly owned bank subsidiary, Wilmington Trust Company,
which was founded in 1903, is one of the largest personal trust
providers in the United States and the leading retail and commercial
bank in Delaware. Wilmington Trust Corporation and its affiliates have
offices in California, Connecticut, Delaware, Florida, Georgia,
Maryland, Nevada, New Jersey, New York, Pennsylvania, South Carolina,
Vermont, the Cayman Islands, the Channel Islands, London, Dublin,
Frankfurt, and Luxembourg. For more information, visit www.wilmingtontrust.com.