Bank of New York Mellon has announced that it has reached an agreement to sell Mellon United National Bank of Miami to Banco Sabadell of Spain, as a part of its strategy of focusing on the expansion of its wealth management and private banking businesses in Florida.
Reportedly, following the sale, the 335 current employees of Mellon United National Bank will transition to the new owner. However, Bank of New York Mellon will continue to employ nearly 1,250 people in Florida.
The bank has added that most recently BNY Mellon Wealth Management opened a new regional office in Tampa, from which it provides wealth management and private banking services. It plans to further increase its Florida wealth management and private banking presence. Credit Suisse (USA) is acting as exclusive financial advisor to The Bank of New York Mellon in this transaction.
David Lamere, CEO of BNY Mellon wealth management, said: This transaction will sharpen our long-term effort to bring excellent wealth management, investment management and private banking solutions to high net worth individuals and families throughout the Florida market. Until this transaction closes, we will continue to provide customer service to MUNB’s clients and work with the buyers to ensure a smooth transition.”
Craig Sutherland, president of the Southeast region of BNY Mellon Wealth Management, said: We consider this region key to our growth strategy and we will continue to expand our presence in Florida.”
However, the transaction is subject to regulatory approvals and is expected to close by the first quarter of 2010.
