Mellon Bank N.A. has agreed to purchase ABN AMROs 50 percent share in ABN AMRO Mellon Global Securities Services B.V., the joint venture company established by the shareholders in 2003 to provide global custody and related services to institutions outside North America. The transaction is expected to close during the third quarter of 2007, whereupon ABN AMRO Mellon will become a part of The Bank of New York Mellon Corporation, the new company created by the merger of The Bank of New York Company and Mellon Financial Corporation.
“This is a landmark day for ABN AMRO Mellon. Following its decision to merge with The Bank of New York, Mellon was keen to explore the possibility of taking full ownership of ABN AMRO Mellon. Both shareholders are in agreement that such a change of ownership is in the best interests of the JV and its clients. ABN AMRO remains one of our most important clients we will continue to be ABN AMROs preferred provider.” Says, Nadine Chakar, CEO of ABN AMRO Mellon.
Chakar will retain her responsibilities as CEO of ABN AMRO Mellon in tandem with her new role within The Bank of New York Mellon, where she will be Head of EMEA for the BNY Mellon Asset Servicing group.
She added: “From the outset the JV was structured to avoid disruption in the event of any change of ownership. Accordingly, ABN AMRO Mellons focus on our clients will not waver, and we will maintain the highest degree of operational continuity as we take our business to the next level. Relationships with existing clients will not change, with client-facing staff retaining their current roles supporting the same clients.”