JPMorgan Chase & Co acquired The Bank of New York Company's consumer, small-business and middle-market banking business, a transaction completed in October 2006, structured as Business swap — JPMorgan exchanged its corporate trust business plus a net cash payment of approximately $150 million for The Bank of New York's retail and regional middle-market banking business..
The Bank of New York Company's consumer, small-business and middle-market banking business operates in Retail Financial Services, is based in United States. JPMorgan Chase acquired The Bank of New York's retail and regional middle-market banking business, adding roughly 339 branches serving about 600,000 households and more than 100,000 businesses. The transaction was structured as a business swap in which JPMorgan exchanged its corporate trust business, plus a net cash payment of approximately $150 million, for the Bank of New York branch network. The deal, announced April 7, 2006 and completed October 2, 2006, significantly expanded Chase's branch presence across the New York metropolitan region.
Expand Chase's consumer branch-banking footprint across New York City, Long Island, the northern suburbs and New Jersey.
Advisory firms were not disclosed for this transaction.