Madison Dearborn Partners completed the acquisition of the Wilmington Trust CIT business of M&T Bank.

Madison Dearborn Partners, a private equity firm based in Chicago, completed the acquisition of the Wilmington Trust CIT business of M&T Bank, a financial holding company. Financial terms were not disclosed. "We are thrilled to work with Wilmington Trust's leading CIT team and leverage our industry expertise to support the business's next chapter in the large and growing CIT market. As clients increasingly demand innovative and tailored retirement fund solutions, the Wilmington Trust CIT business will be well-positioned as an independent company to expand new and existing relationships with a focus on helping plan sponsors navigate complex retirement and regulatory challenges. We look forward to working with the Wilmington Trust CIT team to execute a growth strategy that strengthens the business's leadership position in the competitive market for third-party trustee and administrative services," Vahe Dombalagian, MDP Managing Director and Co-Head of Financial and Transaction Services.