The acquisition will more than double BNY Mellon’s share of the corporate trust market in Canada and expand its services in key segments such as in domestic and cross-border debt issuances, structured credit and securitizations, government stimulus programs and public private partnership transactions.
Upon completion of the deal, BNY Mellon, through its wholly-owned subsidiary BNY Trust Company of Canada, will service approximately $300bn in outstanding debt with offices in Vancouver, Calgary, Toronto and Montreal. In addition, it will offer clients a range of new services, such as cross-border issuer services, administration outsourcing, portfolio analytics and document custody.
Scott Posner, CEO of BNY Mellon Corporate Trust, said: “Our focus will be on continuing to provide the high quality service that clients have come to expect from CIBC Mellon while offering them a broader set of services that meet their growing and evolving needs.”
Thomas Monahan, president and CEO of CIBC Mellon, said: “This transaction is a win-win for everyone involved. Our corporate trust clients will be able to access the global capabilities of the world’s largest corporate trust provider, BNY Mellon, and CIBC Mellon will be able to further focus on providing market leading products and services across its core client base. As always, high quality client service will remain our priority up to and following the close of this deal.”
CIBC Mellon is 50-50 jointly owned by Canadian Imperial Bank of Commerce and BNY Mellon.
