Wilmington Trust Corporation (NYSE:WL) announced the latest expansion of
its Corporate Client Services (CCS) business in Europe with the
formation of Wilmington Trust SP Services (Amsterdam) BV. The new company will perform specialized trustee and corporate
administrative services in The Netherlands, which is one of Europe´s
premier legal and tax jurisdictions for corporate business, including
collateralized debt obligation (CDO)* transactions, asset-backed
securitizations, and holding company services. Wilmington Trust´s
services in The Netherlands will be provided through an alliance with
ANT-Trust, an independent, Amsterdam-based supplier of corporate trust
and administrative services. "For the last several years, we have been
growing our Corporate Client Services business in Europe," said Ted T. Cecala, Wilmington Trust chairman and CEO. "Establishing
capabilities in The Netherlands is the next logical step in that
strategy. Our new offering there should help continue CCS´ momentum while it further strengthens our sources of revenue." Wilmington Trust has steadily expanded its CCS business in Europe since
2002, when it acquired a London-based provider of entity management
services. More recently, Wilmington Trust has established a presence in
other leading European jurisdictions, including Dublin, Ireland;
Frankfurt, Germany; and Luxembourg. It also offers services in key
jurisdictions in the United States and the Caribbean. "Wilmington Trust SP Services (Amsterdam) BV
extends our reach to another important financial center in Europe," said Christophe Schroeder, London-based managing director and head of
Wilmington Trust´s CCS business in Europe. "Adding
capabilities in The Netherlands has been one of our priorities and makes
our service offering throughout Europe even stronger." ANT-Trust, incorporated in 1897, offers services for many types of
corporate clients, including holding companies, financing companies
license and royalty companies, real estate investment companies, and
others. It has offices outside of The Netherlands in Aruba, Belgium
Curacao, Luxembourg, and the British Virgin Islands. "As a corporate jurisdiction, The Netherlands
combines a long history in international trade and finance with a modern
legal and tax infrastructure," said Leon
Lutz, CEO of ANT-Trust. "Clients can also
benefit from our strategic, central location in Europe. We are pleased
to establish this new alliance with Wilmington Trust." Wilmington Trust´s CCS business is a leading
provider of institutional trustee, agency, administrative, and asset
management services for clients worldwide. Its entity management
services help clients establish and maintain legal standing in
advantageous jurisdictions. Its capital markets services support
asset-backed securitizations and other specialized financing structures.
Its retirement plan services include trust, custody, and other
administrative services for corporate retirement and employee benefit
plans. Its asset management services help institutional clients with
cash management and other short-term investment needs. Wilmington Trust
does not participate in most corporate financing, securities
underwriting, or certain advisory activities, which allows it to provide
conflict-free services that many corporate clients require. Wilmington Trust Corporation (NYSE:WL) is a financial services holding
company that provides Regional Banking services throughout the
mid-Atlantic 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 Arizona, California, Connecticut, Delaware, Florida, Georgia
Maryland, Massachusetts, Minnesota, Nevada, New Jersey, New York
Pennsylvania, South Carolina, Vermont, the Cayman Islands, the Channel
Islands, London, Dublin, Frankfurt, Luxembourg, and Amsterdam. *In the securities market for collateralized debt obligations (CDOs)
Wilmington Trust provides administrative services and acts as a trustee
custodian, paying agent, and/or collateral administrator. The
company supports CDO note holders and asset managers by implementing
operational controls and providing compliance reporting as specified in
a CDO´s governing documents. Wilmington
Trust does not issue or underwrite CDOs, establish pricing or valuations
of CDO assets or liabilities, take positions in CDOs, or extend credit
to parties involved in CDO transactions.
