Bank of New York buys Mellon Financial for 16.5 bln dlrs

0 Comments | AFP, December, 2006

NEW YORK (AFP) — The oldest US bank, The Bank of New York, agreed to purchase Mellon Financial for 16.5 billion dollars in a bid to create one of the world's largest global asset managers. The new firm, to be called The Bank of New York Mellon Corp., will rank among the top 10 global asset managers with over one trillion dollars in assets under management, according to a joint statement from the two banks.

The merger will also create "the world's leading asset servicer" with 16.6 trillion dollars in assets under management and eight trillion dollars of corporate funds under trusteeship. "We are creating one of the world's leading financial services companies," said Bank of New York chairman and chief executive Thomas Renyi, who will serve as executive chairman of the new...