UMB Specialty Trust and Agency Solutions Opens Irish Office for Aviation Trust Services
09 March 2021 - 2:00AM
Business Wire
UMB Bank, n.a., a subsidiary of UMB Financial Corporation
(Nasdaq: UMBF), today announces the Specialty Trust and Agency
Solutions group has opened an office in Dublin, Ireland, granting
the bank access to offer trust services in one of the international
economic centers for structured finance.
UMB will operate in Ireland through UMBF Trust and Agency
Services (Ireland) Limited (UMBFT&A). The Dublin office will be
managed by Katherine O’Brien, managing director of UMBFT&A.
O’Brien has more than 10 years of aviation experience and was most
recently vice president of treasury at DAE Capital, which acquired
Ansett Worldwide Aviation Services—a leading aircraft company
headquartered in Ireland—in 2017.
While UMB already operates internationally in the aviation
space, having a physical presence in Ireland enables the bank to
offer the Irish Owner Trustee product to clients worldwide.
“We are very excited to extend our reach in the commercial
aircraft trust space by establishing an Irish office,” said Mark
Flannagan, executive director of Specialty Trust and Agency
Solutions at UMB. “This is a natural growth opportunity for UMB as
we continue to build our services to meet the needs of the global
aircraft market. With more than 75 years of corporate trust
experience, this office is yet another tremendous step forward for
our business and highlights our commitment to providing a full
suite of specialty trust and agency solutions worldwide.”
The opening of the Irish trust office follows UMB’s inclusion as
an approved trustee for the Global Aircraft Trading System (GATS),
developed by the Aircraft Working Group in 2020.
The Industrial Development Authority of Ireland reports that
Ireland has 14 of the top 15 lessors by fleet size, equating to
more than 40% of the world’s fleet of leased aircraft.
“Dublin is the aircraft leasing capital of the world, and market
trends support the belief that the aviation industry and the use of
owner trusts will continue on a healthy growth trend,” Flannagan
said. “In addition to reflecting the persistent growth of UMB’s
institutional services, the opening of our Irish office allows us
to build our presence as a trustee in the most important geographic
location for future aircraft leasing activity.”
About UMB:
UMB Financial Corporation (Nasdaq: UMBF) is a financial services
company headquartered in Kansas City, Missouri. UMB offers
commercial banking, which includes comprehensive deposit, lending
and investment services, personal banking, which includes wealth
management and financial planning services, and institutional
banking, which includes asset servicing, corporate trust solutions,
investment banking, and healthcare services. For more information,
visit UMB.com, UMB Blog, UMB Facebook and UMB LinkedIn, or follow
us on Twitter at @UMBBank. For information about UMB’s operations,
approach and relief measures during the COVID-19 pandemic, please
visit umb.com/COVID-19.
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version on businesswire.com: https://www.businesswire.com/news/home/20210308005476/en/
Kaele Palmer, 816.860.7315 Kaele.Palmer@umb.com
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