NEW YORK, July 2 /CNW/ - The Bank of New York Mellon, the global leader
in asset management and securities servicing, has completed the process of
consolidating and renaming its principal U.S. bank and trust company
subsidiaries into two new principal banks. This consolidation effort, which
follows last July's merger of the holding companies of Mellon Financial and
The Bank of New York, was an essential part of the Company's overall
integration process that required regulatory approvals and was completed on
"This is another important step in ensuring we meet or exceed the goals
we set for integration. The bank charter consolidation provides a more
effective and cost-efficient structure to deliver our products and services to
our global clients, as well as streamlines our own regulatory and related
processes," said Robert P. Kelly, chief executive officer of The Bank of New
York Mellon. "These changes will ultimately make it easier for our company to
conduct its business and for our customers to conduct their business with us.
For most of our clients, the consolidation of these charters was largely
transparent and operationally seamless, aside from different entity names
appearing on their statements and reports going forward."
The two principal banks formed as a result of the consolidation of the
entities, which mainly were U.S. banks and trust companies, are:
- The Bank of New York Mellon, a New York State chartered bank, which
houses institutional businesses including Asset Servicing,
Issuer Services, Treasury Services, Broker-Dealer & Advisor Services
and the bank-advised businesses of Asset Management.
- BNY Mellon, National Association, which houses Wealth Management,
where a national charter is preferable given the scope of that
business. Currently, this bank contains only the legacy
Mellon private wealth business, as the legacy Bank of New York
private wealth business is expected to be added in the first quarter
As part of the consolidation, the number of U.S. trust companies was
reduced to two companies - The Bank of New York Mellon Trust Company, National
Association and BNY Mellon Trust Company of Illinois. These companies house
trust products and services across the U.S. Also concentrating on trust
products and services will be BNY Mellon Trust of Delaware, a Delaware bank.
Most asset management businesses, along with Pershing, will continue to be
held outside of the banks, as they are today.
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
$23 trillion in assets under custody and administration, more than
$1.1 trillion in assets under management and services $12 trillion in
outstanding debt. Additional information is available at bnymellon.com.
For further information:
For further information: Ron Gruendl, (412) 234-7157,