Tue, 03/07/2007 - 07:50
Bank of New York and Mellon Financial Corporation have completed their merger to create the Bank of New York Mellon Corporation, which has annual revenues of around USD13bn and pro-forma market capitalisation of about USD50bn, and becomes the leading global provider of securities services with USD18trn in assets under custody and administration.
Bank of New York Mellon is now trading on the New York Stock Exchange. The merged institution, which has a presence in 37 countries and serves more than 100 markets, is also one of the largest global asset managers with more than USD1trn in assets under management, and services more than USD11trn in outstanding debt.
'Today we are establishing a global financial services growth company without peer,' says chief executive Robert P. Kelly. 'We have leadership positions across a range of high-growth businesses, unmatched product breadth, and the ability to accelerate our global expansion through strategic investments. We will foster a culture that rewards winning through relentless client focus, teamwork and execution.'
In addition to asset management and securities servicing, Bank of New York Mellon is a leading provider of corporate trust, depositary receipts, clearing and shareholder services. It ranks as a top 10 US wealth manager with more than USD160bn in client assets and 83 offices in the US and UK, as well as being a leading US provider of cash management and global payments provider.
'Bank of New York Mellon is positioned to provide superior service and value to our clients and deliver faster growth to our shareholders,' says executive chairman Thomas A. Renyi. 'We have closed the merger on target and are now ready to execute a disciplined, thoughtful integration of our capabilities to meet the current and future demands of our clients.'
The merger was announced last December, and shareholders of each company overwhelmingly approved the transaction in May. The merged company, which is headquartered in New York and has 40,000 employees worldwide, is a leading provider of financial services for institutions, corporations and high net worth individuals, providing asset and wealth management, asset servicing, issuer services and treasury services.
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