Bank of New York-Mellon merger gets US approval

0 Comments | AFP, June, 2007

NEW YORK (AFP) — The Bank of New York and Mellon Financial said Thursday they had received US Federal Reserve approval for their planned merger and now expected to close the deal around July 1.

The companies said they had previously received US Justice Department clearance and shareholder approval for the deal in which the Bank of New York agreed to buy Mellon for 16.5 billion dollars and 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.

The Bank of New York, the oldest US bank, was founded in 1784 with the involvement of Alexander Hamilton, who went on to become America's first...