CIBC Mellon to merge trust company and global securities services into one entity
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CIBC Mellon to merge trust company and global securities services into one entity 17 February 2023Canada Reporter: Jenna Lomax
Image: Maurizio De Mattei
CIBC Mellon has announced its intention to amalgamate its CIBC Mellon Trust Company and its CIBC Mellon Global Securities Services Company.
Part of the process includes the requirement to publish a notice of intention to amalgamate. The notice of intention was published on 28 January 2023.
The proposed amalgamation date will be November 2023, subject to final regulatory approval. From that date, the two entities will become the CIBC Mellon Trust Company.
In 1996, CIBC Mellon Global Securities Services Company (GSS) began offering asset servicing solutions to institutional investors as part of a joint venture between CIBC and Mellon.
In 1997, CIBC purchased a 50 per cent share of The R-M Trust Company from Mellon and CIBC Mellon Trust Company (CMT) became part of the joint venture.
For the past 25 years, GSS and CMT have operated side-by-side under the CIBC Mellon brand, offering clients a range of asset servicing solutions.
By operation of law, CIBC Mellon Trust Company will succeed as party to all current contracts in the name of GSS. Any contracts currently with CMT will remain in the name of CMT.
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Image: Maurizio De Mattei 