The Bank of New York Company, Inc. and Mellon Financial Corporation announced that, at separate meetings, their respective shareholders overwhelmingly approved the proposed merger of the two companies.
The merger, first announced December 4, remains on schedule for an expected closing early in the third quarter of 2007, subject to receipt of regulatory approvals.
“By combining our two leading companies, we will create the premier asset management and securities servicing firm globally,” says Thomas A. Renyi, chairman and CEO of The Bank of New York. “We are pleased that our shareholders have endorsed the benefits of this transaction. Today’s votes are two more important steps in realizing the tremendous potential of the combined organization.”
Robert P. Kelly, chairman, president and CEO of Mellon, adds: “Our new company will be driven by a client-focused, global team and will be dedicated to outperforming in every market it serves. We have made terrific progress in creating an integration plan to ensure superior client service as well as opening new global opportunities for revenue growth in the years ahead.”
The new company, which will be called The Bank of New York Mellon Corporation, will be among the world’s leading securities servicers with assets under custody and administration expected to exceed $18 trillion, as well as a leading global corporate trustee, with assets under trusteeship anticipated to be more than $8 trillion.
It also will rank among the top 10 global asset managers with assets under management exceeding $1 trillion.