The Bank of New York and Mellon Financial have agreed to merge in a deal that will create the largest securities servicing company in the world.
The new company—with $16.6 trillion in assets under custody and $1.1 trillion assets under management—will be called The Bank of New York Mellon Corporation.
“Through this merger, we will be able to invest and expand more effectively than any of our competitors due to our combined scale, profitability and global reach. The organic growth of our respective companies is already strong, and the cost savings and revenue synergies opportunities are excellent,” said Robert Kelly, who will serve as chief executive officer of the new company, based in New York City.
The deal was unanimously approved by the boards of directors of both companies. The transaction is expected to be completed in the third quarter of 2007 pending regulatory and shareholder approvals.
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