The London-based Royal Bank of Scotland Trust Bank is valued at approximately $340 million. The Bank of New York had $63 billion in total assets on December 31 1998. The exact value of the deal will not be known until December 2001, because payments will be made in instalments based on the performance of the trust bank.
Bank of New York expects to complete the purchase by the end of the third quarter of the year. The combined company will be headquartered in London. It will have $5,900 billion in client assets worldwide.
The tax partner for the Bank of New York is Richard McIlwee from Clifford Chance. He is assisted by Andrew Hill.
Freshfields in London is acting for the Royal Bank of Scotland. The tax partner involved is Sue Porter, assisted by Jonathan Cooklin and Charlotte Black.
