Business Development Bank of Canada to tap into CIBC Mellon's expertise as a Canadian leader in asset servicing
TORONTO, Dec. 12, 2017 /CNW/ - CIBC Mellon is announcing that it has been selected as a service provider to deliver global custody, pension fund trustee, accounting, pensioner payments, information delivery and cash administration for the Business Development Bank of Canada (BDC) employee pension plan and its underlying C$1.5 billion pension fund. BDC's mandate supports Canadian entrepreneurs in building strong and competitive businesses.
"As Canada's only bank devoted exclusively to entrepreneurs, BDC's mission is to help create and develop strong Canadian businesses through financing, advisory services and investments, with a focus on small and medium-sized enterprises," said François Laurin, Treasurer at BDC. "We are excited to select CIBC Mellon as our service provider based on its strong reputation, its handling of data, security and data privacy, the company's information delivery and its local client service. We believe CIBC Mellon's online reporting capabilities can help enhance BDC's governance and oversight of our pension plan's activities."
"In today's regulatory environment, we understand that pension plans have complex needs, from risk management and demonstrating transparency to delivering data, as they work to meet the needs of their clients and stakeholders," said Shane Kuros, Vice President, Head of Relationship Development, Canada, CIBC Mellon and BNY Mellon. "We are pleased to welcome BDC and look forward to providing our robust suite of services, which in turn can help BDC focus on its core business of supporting entrepreneurs and promoting entrepreneurship."
BDC is the only bank devoted exclusively to entrepreneurs. It promotes Canadian entrepreneurship with a focus on small and medium-sized businesses. With its 118 business centres from coast to coast, BDC provides businesses in all industries with financing and advisory services. Its investment arm, BDC Capital, offers equity, venture capital and flexible growth and transition capital solutions. BDC is also the first financial institution in Canada to receive B Corp certification. To find out more, visit bdc.ca.
About CIBC Mellon
CIBC Mellon is a Canadian company exclusively focused on the investment servicing needs of Canadian institutional investors and international institutional investors into Canada. Founded in 1996, CIBC Mellon is 50-50 jointly owned by The Bank of New York Mellon (BNY Mellon) and Canadian Imperial Bank of Commerce (CIBC). CIBC Mellon's investment servicing solutions for institutions and corporations are provided in close collaboration with our parent companies, and include custody, multicurrency accounting, fund administration, recordkeeping, exchange-traded fund services, pension services, securities lending services, foreign exchange processing and settlement, and treasury services. As at September 30, 2017, CIBC Mellon had more than C$1.8 trillion of assets under administration on behalf of banks, pension funds, investment funds, corporations, governments, insurance companies, foreign insurance trusts, foundations and global financial institutions whose clients invest in Canada. CIBC Mellon is part of the BNY Mellon network, which as at September 30, 2017 had US$32.2 trillion in assets under custody and/or administration. CIBC Mellon is a licensed user of the CIBC trade-mark and certain BNY Mellon trade-marks, is the corporate brand of CIBC Mellon Global Securities Services Company and CIBC Mellon Trust Company, and may be used as a generic term to refer to either or both companies.
For more information, including CIBC Mellon's latest knowledge leadership on issues relevant to institutional investors active in Canada, visit www.cibcmellon.com.
SOURCE CIBC Mellon
For further information: Media Contacts: CIBC Mellon: Jennifer Israel, Corporate Communications, 416-643-6538, [email protected]; BDC: Flavie Côté, Senior Advisor, Media Relations, BDC, 1-844-625-8321, [email protected]