Merger With Bank of New York
Talks of a merger began when Tom Renyi approached Robert Kelly about a possible amalgamation between the Bank of New York and Mellon Financial Corporation. The $16.5 billion deal ($18.5 billion today) was finalized on July 1, 2007, with Kelly as the Chief Executive Officer (CEO) of the new company, and Renyi as Executive Chairman. Per the deal, the new Board of Directors is composed of ten directors appointed by the Bank of New York, and eight by Mellon. The Bank of New York Mellon launched its new brand identity on October 1, 2007.
Read more about this topic: Mellon Financial
Famous quotes containing the words bank and/or york:
“on a May morwening upon Malverne hilles
Me befel a ferly, of fairye me thoughte;
I was wery ofwandred and wente me to reste
Under a brod bank by a bournes side;
And as I lay and lenede and lookede on the watres,
I slomerede into a sleeping, it swyede so merye.”
—William Langland (1330–1400)
“The salary cap ... will be accepted about the time the 13 original states restore the monarchy.”
—Tom Reich, U.S. baseball agent. New York Times, p. 16B (August 11, 1994)