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Northern Trust Acquires Ulster Bank Investment Services from Ulster Bank Group

Tax-news.com, London

22 May 2000

Northern Trust announced last week that it had completed its acquisition of Ulster Bank Investment Services (UBIS), the IFSC (International Financial Services Centre) licensed custody and fund administration subsidiary of Ulster Bank Group. The contract for the sale had been signed on March 6, 2000 and the consideration was 14m euros.


Rick Wills, Managing Director of the newly formed Northern Trust (Ireland) Ltd., commented, 'Northern Trust is delighted to have completed the acquisition and be a member of the Dublin market. This capabilities-based acquisition is an integral step in Northern Trust's international business strategy. It expands our current global custody services to add a full package of offshore fund services to our investment manager and institutional clients, which includes trustee, fund administration, fund accounting, and transfer agency services. By combining the fund expertise that Ulster Bank has developed with Northern Trust's leading global custody capabilities, Northern Trust is positioned to be a premier provider of fund services to our clients.'

The business being acquired by Northern Trust had total assets under custody of Euro 16.3 billion and fund assets under administration of Euro 5.4 billion at 31 March 2000.

Ulster Bank Capital Markets Chief Executive Paddy McMahon comments, 'Ulster Bank is very pleased that Northern Trust has completed its acquisition of the UBIS business. The outcome is good news for both customers and staff as the further development of the business requires the kind of scale and expertise which Northern Trust can undoubtedly provide. We wish them every success from their new Dublin base.'

Northern Trust Corporation is a leading provider of global custody and asset administration services to institutional and personal clients. Northern Trust's corporate & institutional business focuses on delivering high value, technology-driven securities processing, information and investment services with a strong relationship focus. At 31 March 2000, Northern Trust company-wide had in excess of US $1.6 trillion in assets under custody and had over 8,700 employees worldwide.

Northern Trust's web site can be located at http://www.northerntrust.com.

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