CIBC Mellon announced today that it has been appointed trustee and the sole custody provider for Canadian Pacific Railway (CPR). CIBC Mellon has a long history providing domestic custody to CPR but was named as the single service provider, including domestic and global custody, following a comprehensive search.
“We are very pleased by Canadian Pacific Railway’s decision to award additional business to CIBC Mellon and look forward to continuing our partnership,” says CIBC Mellon’s president and chief executive officer, Tom MacMillan. “Maintaining this piece of business, as well as adding new assets to the portfolio, was largely attributed to Canadian Pacific Railway’s high level of interest in our innovative technologies. Furthermore, CPR’s decision validates our strength in delivering superior products and client service.”
The services CIBC Mellon will provide to CPR include domestic and global securities lending, accounting, cash management and Russell/Mellon Analytical Services. CPR’s new assets will be converted to CIBC Mellon in early February.