The Bank of New York Company, Inc. and Mellon Financial Corporation Complete Merger
02 Luglio 2007 - 1:00PM
PR Newswire (US)
Creates Global Leader in Asset Management and Securities Servicing
NEW YORK, July 2 /PRNewswire-FirstCall/ -- The Bank of New York
Company, Inc. (NYSE:BK) and Mellon Financial Corporation (NYSE:MEL)
announced today they have completed their merger to form The Bank
of New York Mellon Corporation, creating the global leader in asset
management and securities servicing. The new company trades on the
New York Stock Exchange under the symbol "BK." The company ranks as
one of the largest global asset managers with more than $1 trillion
in assets under management and is the world's leading asset
servicer with more than $18 trillion in assets under custody and
administration. "Today we are establishing a global financial
services growth company without peer," said Robert P. Kelly, chief
executive officer of the company. "We have leadership positions
across a range of high-growth businesses, unmatched product
breadth, and the ability to accelerate our global expansion through
strategic investments. With exceptional service and performance as
the hallmarks of the new company, we will foster a culture that
rewards winning through relentless client focus, teamwork and
execution." In addition to asset management and securities
servicing, the company is the leading provider of corporate trust,
depositary receipts, clearing and shareowner services. It ranks as
a top 10 U.S. wealth manager with more than $160 billion in client
assets and is a leading U.S. cash management and global payments
provider. The company has a balanced business mix, with diversified
revenues and earnings across all regions of the world and a
presence in the fastest-growing segments of asset management and
securities servicing. "The Bank of New York Mellon is positioned to
provide superior service and value to our clients and deliver
faster growth to our shareholders," said Thomas A. Renyi, executive
chairman of the company. "We have closed the merger on target and
are now ready to execute a disciplined, thoughtful integration of
our capabilities to meet the current and future demands of our
clients." The Bank of New York and Mellon Financial announced plans
to merge in December 2006, and shareholders of each company
overwhelmingly approved the transaction in May. The company has
annual revenues of approximately $13 billion and pro-forma market
capitalization of approximately $50 billion. The company is
headquartered in New York and has 40,000 employees around the
world. The Bank of New York Mellon Corporation is a global
financial services company focused on helping clients move and
manage their financial assets, operating in 37 countries and
serving more than 100 markets. The company is a leading provider of
financial services for institutions, corporations and
high-net-worth individuals, providing superior asset and wealth
management, asset servicing, issuer services, and treasury services
through a worldwide client-focused team. It has more than $18
trillion in assets under custody and administration and $1 trillion
in assets under management, and it services more than $11 trillion
in outstanding debt. Additional information is available at
http://www.bnymellon.com/. The information presented in this press
release may contain forward- looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. These
statements, which may be expressed in a variety of ways, including
the use of future or present tense language, relate to, among other
things, statements with respect to the merger of The Bank of New
York and Mellon Financial, including expectations with respect to
the merged companies, integration and operations after the merger,
future growth and delivery of faster growth to shareholders. These
statements are based upon current beliefs and expectations and are
subject to significant risks and uncertainties. The following
risks, among others, could cause actual results to differ
materially from the anticipated results or other expectations
expressed in the forward-looking statements: (1) the businesses of
The Bank of New York and Mellon Financial may not be integrated
successfully or the integration may be more difficult,
time-consuming or costly than expected; (2) the combined company
may not realize, to the extent or at the time we expect, revenue
synergies and cost savings from the transaction; (3) revenues
following the transaction may be lower than expected as a result of
losses of customers or other reasons; and (4) deposit attrition,
operating costs, customer loss and business disruption following
the transaction, including, without limitation, difficulties in
maintaining relationships with employees, may be greater than
expected. Additional factors that could cause the Company's results
to differ materially from those described in the forward- looking
statements can be found in the Company's filings with the
Securities and Exchange Commission and The Bank of New York
Company, Inc.'s and Mellon Financial's historical reports (such as
Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and
Current Reports on Form 8-K) filed with the Securities and Exchange
Commission. All forward-looking statements in this press release
speak only as of the date on which such statements are made, and
the Company undertakes no obligation to update any forward-looking
statement to reflect events or circumstances after the date on
which such statement is made or to reflect the occurrence of
unanticipated events. DATASOURCE: The Bank of New York Mellon
Corporation CONTACT: Media: Kevin Heine, +1-212-635-1569, or Ron
Gruendl, +1-412- 234-7157, or Investors: Steve Lackey,
+1-412-234-5601 Web site: http://www.bnymellon.com/
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