UMB Specialty Trust and Agency Solutions Opens Irish Office for Aviation Trust Services

Rhea-AI Summary

UMB Bank, a subsidiary of UMB Financial Corporation (Nasdaq: UMBF), has opened a new office in Dublin, Ireland, expanding its trust services into a key international hub for structured finance. The office, managed by Katherine O’Brien, will enable UMB to provide the Irish Owner Trustee product to clients globally. This move signifies UMB's commitment to growth in the aviation trust market, aligning with industry trends. UMB's inclusion as an approved trustee for the Global Aircraft Trading System in 2020 further supports this expansion.

Positive

• Opened a new office in Dublin, Ireland, enhancing trust services.
• Expands the offer of the Irish Owner Trustee product to a global clientele.
• Strengthens UMB's presence in the commercial aircraft trust market.
• Alignment with industry growth trends in aviation leasing.

Negative

• None.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210308005476/en/

FAQ

What is the significance of UMB Bank opening an office in Dublin, Ireland?

The Dublin office allows UMB Bank to expand its trust services into a key center for structured finance, enhancing its global reach.

What services will UMB Bank offer from its new Dublin office?

UMB Bank will provide the Irish Owner Trustee product and other specialty trust services from its Dublin office.

Who manages the new Dublin office of UMB Bank?

Katherine O’Brien, who has over 10 years of aviation experience, manages the Dublin office.

How does UMB Bank's Dublin office relate to the aviation industry?

The Dublin office positions UMB Bank within the aviation leasing capital of the world, capitalizing on market growth trends.

What previous recognition has UMB Bank received related to aircraft trust services?

UMB Bank was included as an approved trustee for the Global Aircraft Trading System in 2020.