Wells Fargo & Co. is selling its corporate trust services business to Computershare in a $750 million deal.
The agreement, set to be completed in the second half of the year, is subject to customary closing conditions.
The CTS business provides trust and agency services for debt securities issued by public and private corporations, government entities, and banking and securities firms.
Acquirer Computershare provides corporate trust, transfer agency and other services. Under the deal, about 2,000 Wells Fargo CTS employees across the U.S. will transfer to Computershare.
"This transaction is consistent with Wells Fargo's strategy of focusing on businesses that are core to our consumer and corporate clients," said David Marks, head of Wells Fargo commercial capital, in a news release. "Additionally, we believe that Computershare's similar approach to service and their emphasis on innovative product development will be valuable to our clients and corporate trust services colleagues in the future."
Wells Fargo agreed to sell its $603 billion money management unit, Wells Fargo Asset Management, to two private equity firms last month.
A spokeswoman for Wells Fargo declined to comment beyond the announcement.
