Bank of New York Mellon Corp has signed a definitive agreement to acquire the corporate trust business of CIBC Mellon, BNY Mellon said Tuesday.

The acquisition will more than double BNY Mellon’s share of the corporate trust market in Canada and expand its leadership position in a number of key segments, servicing domestic and cross-border debt issuances, structured credit and securitizations, government stimulus programs and public private partnership transactions.

The acquisition is expected to close by the end of the first quarter, subject to regulatory approvals. Terms of the agreement were not disclosed.

“This transaction enhances our leadership position and presence in Canada and demonstrates our strong commitment to growing our corporate trust business globally,” says Scott Posner, CEO of BNY Mellon Corporate Trust.

“Our focus will be on continuing to provide the high quality service that clients have come to expect from CIBC Mellon while offering them a broader set of services that meet their growing and evolving needs.”

“This transaction is a win-win for everyone involved,” adds Thomas Monahan, president and CEO of CIBC Mellon. “Our corporate trust clients will be able to access the global capabilities of the world’s largest corporate trust provider, BNY Mellon, and CIBC Mellon will be able to further focus on providing market-leading products and services across its core client base.”

Upon completion of the deal, BNY Mellon, through its wholly-owned subsidiary BNY Trust Company of Canada, will service approximately $300 billion in outstanding debt with offices in Vancouver, Calgary, Toronto and Montreal. In addition, it will offer clients a range of new services, such as cross-border issuer services, administration outsourcing, portfolio analytics and document custody.

Corporate trust providers are appointed by debt issuers as well as fund and collateral management institutions to perform a variety of services related to debt and collateral administration, safekeeping, direct cash and investment management, portfolio and transparency analytics, reporting, and final asset disposition and distribution activities.