UMB Bank’s specialty trust and agency solutions group opened an office in Dublin, Ireland, allowing the bank the ability 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 (UMBFT&A). Katherine O’Brien, managing director of UMBFT&A, will manage the Dublin office. 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 — an aircraft company headquartered in Ireland — in 2017.
“We are very excited to extend our reach in the commercial aircraft trust space by establishing an Irish office,” Mark Flannagan, executive director of specialty trust and agency solutions at UMB, said. “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), which was developed by the Aircraft Working Group in 2020.
The Industrial Development Authority of Ireland reported that Ireland has 14 of the top 15 aircraft 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.”
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