Former joint venture company remains headquartered in the Netherlands
LONDON, Dec. 20 /CNW/ - The Bank of New York Mellon Corporation, a global
leader in asset management and securities servicing, has completed its
acquisition of ABN AMRO Mellon Global Securities Services B.V. following
regulatory approval from the Dutch regulator, De Nederlandsche Bank (DNB).
ABN AMRO Mellon, the 50-50 joint venture company established by
Mellon Bank N.A. and ABN AMRO in 2003 to provide global custody and related
services to institutions outside North America, will now be known as
BNY Mellon Asset Servicing B.V. and becomes a part of the asset servicing
division of The Bank of New York Mellon. Terms of the deal have not been
The bank continues to be headquartered in Amsterdam and regulated by DNB.
Existing ABN AMRO Mellon clients will remain contracted to BNY Mellon Asset
Servicing B.V., as will ABN AMRO Mellon staff at the company's operational
centres around the world.
ABN AMRO Mellon CEO Nadine Chakar takes up a new position as Chair of the
Supervisory Board of BNY Mellon Asset Servicing B.V. She continues in her role
as Head of Europe, Middle East & Africa (EMEA) for BNY Mellon's asset
servicing business, which she has held since the completion of the merger
between The Bank of New York and Mellon Financial Corporation in July 2007.
The role of CEO of BNY Mellon Asset Servicing B.V. is taken up by
Pim Nederpel. Nederpel has been ABN AMRO Mellon's Chief Financial Officer
since October 2005, with responsibility for the finance, business technology
services and legal, risk & compliance departments within the bank. Prior to
joining ABN AMRO Mellon, Nederpel held the roles of Executive Director of
Euronext Amsterdam and Deputy CEO of Clearnet among other positions.
The bank's existing Managing Board structure will remain in place.
Nadine Chakar said: "The success that ABN AMRO Mellon has enjoyed over
the past five years is driven by the creativity, team spirit and unwavering
passion for results displayed by our employees, who have turned even our most
challenging business goals and ambitions into reality. Like our clients, they
will now benefit from the many new opportunities afforded by being a part of a
larger global organisation.
"From the outset the ABN AMRO Mellon JV was structured to avoid
disruption in the event of any change of ownership. I want to stress that
continuity - of people, products, technology and service levels - remains our
priority as we become part of the world's largest asset servicing provider.
"This deal is about evolution, not revolution. It is about moving the
company to the next level, and there is a clear and logical fit between
ABN AMRO Mellon's activities and the capabilities of the BNY Mellon Asset
Servicing line of business."
Jim Palermo, Co-CEO of BNY Mellon Asset Servicing and former Co-Chair of
the ABN AMRO Mellon Supervisory Board, said: "On behalf of the Supervisory
Board, I would like to thank Nadine and her team for their sterling work in
building a world class organisation that leads the way in service excellence.
By bringing ABN AMRO Mellon into the BNY Mellon Asset Servicing line of
business we are combining two excellent organisations committed to high
quality service, innovation and flexibility for the benefit of our respective
Notes to editors
BNY Mellon Asset Servicing offers clients worldwide a broad spectrum of
specialised asset servicing capabilities, including custody and fund services,
securities lending, performance and analytics, and execution services. BNY
Mellon Asset Servicing provides services through The Bank of New York, Mellon
Bank, N.A. and other related companies.
The Bank of New York Mellon Corporation is a global financial services
company focused on helping clients manage and service their financial assets,
operating in 34 countries and serving more than 100 markets. The company is a
leading provider of financial services for institutions, corporations and
high-net-worth individuals, providing superior asset management and wealth
management, asset servicing, issuer services, clearing services and treasury
services through a worldwide client-focused team. It has more than $20
trillion in assets under custody and administration, more than $1.1 trillion
in assets under management and services $11 trillion in outstanding debt.
Additional information is available at bnymellon.com.
All information and figures source Mellon International unless otherwise
stated as at 30 September 2007. This press release is issued by Mellon
International Limited to members of the financial press and media.
For further information:
For further information: Tim Steele, +44 20 7163 5850,