Asset Management
Mellon Buys Out ABN Amro in Custody JV
US-based Mellon Bank is to buy ABN Amro’s 50 per cent share in ABN Amro Mellon Global Securities Services, the joint venture company established by the shareholders in 2003 to provide global custody and related services to institutions outside North America.
The transaction is expected to close during the third quarter at which time ABN Amro Mellon will become a part of the newly-merged Bank of New York Mellon Corporation.
Terms of the transaction were not disclosed.
Nadine Chakar, chief exeutive of ABN Amro Mellon will retain her responsibilities.
