The Bank of New York Corporation Mellon has completed the process of consolidating and renaming its principal US bank and trust company subsidiaries into two new principal banks.
This consolidation effort was a part of the company's overall integration process that required regulatory approvals and was completed on schedule.
The two principal banks formed as a result of the consolidation of the entities, which mainly were US banks and trust companies, are: The Bank of New York Mellon, a New York State chartered bank, which houses institutional businesses; and BNY Mellon, National Association, which houses wealth management.
As part of the consolidation, the number of US trust companies was reduced to two companies - The Bank of New York Mellon Trust Company, National Association and BNY Mellon Trust Company of Illinois. These companies house trust products and services across the US.
Also concentrating on trust products and services will be BNY Mellon Trust of Delaware, a Delaware bank. Most asset management businesses, along with Pershing, will continue to be held outside of the banks, as they are at present, the bank said.
Robert Kelly, CEO of The Bank of New York Mellon, said: "This is another important step in ensuring we meet or exceed the goals we set for integration. The bank charter consolidation provides a more effective and cost-efficient structure to deliver our products and services to our global clients, as well as streamlines our own regulatory and related processes."