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The Bank of New York
The Bank of New York is a financial services provider that operates in four key areas: private banking, securities servicing, investment management and treasury management.
Founded in 1784, the bank is the oldest in the USA. It operates in 33 countries worldwide, with assets of US$ 103.4 billion as of June 2007.
The Bank of New York is set to merge with the Mellon Financial Corporation to form what will be known as The Bank of New York Mellon Corporation.
Alexander Hamilton founded the Bank of New York in 1784, and it opened on June 9, shortly after British troops left America. Eight years later, the bank would become the first corporate stock that was traded on the New York Stock Exchange.
The Bank of New York merged with the New York Life Insurance & Trust Company in 1922.
The bank's first major acquisitions came in 1948 with the purchase of The Fifth Avenue Bank. It would also acquire the Empire Trust Company in 1966 and the National Community Banks in New Jersey and the Putnam Trust Company during the nineties. From 1996 to 2007, the bank acquired over 80 companies, including the prestigious Pershing company in 2003.
- “Best ETF Services Provider in the Americas” at the 3rd Annual Global ETF Awards, May 15, 2007
- “Custodian of the Year” at UK Pensions Awards, April 27, 2007
- “Top Global Custodian” by The Asset Magazine, April 12, 2007
The Bank of New York Mellon Corporation
In December 2006, the Bank of New York announced that it would merge with the Mellon Financial Corporation. Together, they would form the Bank of New York Mellon Corporation, the largest securities servicing and asset management firm in the world.
The new company would have US$ 16.6 trillion in assets under custody and corporate trustee with $8 trillion in assets under trusteeship. This would rank it among the Top 10 asset managers in the world, with over $1.1 trillion in assets under management.
Terms of Merger
Under the merger, shareholders of the Bank of New York would get 0.9434 shares in the new Bank of New York Mellon Corporation for each share of Bank of New York that they own. Meanwhile, shareholders of Mellon would get one share in the Bank of New York Mellon Corporation for each share of Mellon they own. Another 19.9 percent of the issuer's outstanding common stock would fall under a mutual stock option agreement by the Bank of New York and Mellon..
In terms of management, Bank of New York’s chairman and chief executive officer Thomas A. Renyi would be the executive chairman of the Bank of New York Mellon for 18 months after the deal is closed. He is tasked to oversee the integration of the two companies.
Mellon’s current chairman, president and chief executive officer Robert P. Kelly would be the new company’s chief executive and, after 18 months, will succeed Renyi as chairman of the board. The current Bank of New York president, Gerald L. Hassell, will also serve as president of the new company.
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- NY 10286 USA
- The Bank of New York
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