GLOBAL - The Bank of New York and Mellon have announced the finalisation of their merger that creates the largest custodian with over $18trn (€13.3trn) in assets under custody and administration.
As planned, the merger was concluded today, having gained approval by both companies' shareholders and around 50 regulators in more than 37 countries where Bank of New York and Mellon currently operate.
The company will hold its first joint press meeting tomorrow at the Fund Forum in Monaco. "It is like our first public appearance after our wedding," said Jon Little, a member of the executive committee at the Bank of New York Mellon.
He confirmed that the new company would be promoted to all clients in a major campaign from the autumn. "We have spoken to a lot of our clients already but we will remind them who we are," Little said.
The new entity will trade under the Bank of New York's symbol ‘BK' on the New York Stock Exchange. "We could not drop this much history as the Bank of New York was the first stock ever to be traded on the New York Stock Exchange," Little said.
He added that for a similar reason the Bank of New York's headquarters at 1 Wall Street was chosen to house the new entity.
The new homepage linking from both company's old URLs to www.bnymellon.com is also up and running.
Meanwhile, today State Street announced the completion of its takeover of Investors Financial Services. With $14.1trn in assets under custody, State Street is closing on JPMorgan, which is the second-largest custodian with $14.7trn in assets under custody.