The Bank of New York Mellon Agrees to Sell Mellon United National Bank to Banco Sabadell
July 23 2009 - 8:45AM
PR Newswire (US)
BNY Mellon Wealth Management Plans to Expand Operations in Florida
NEW YORK and MIAMI, July 23 /PRNewswire-FirstCall/ -- The Bank of
New York Mellon Corporation (NYSE:BK) today said it has reached an
agreement to sell Mellon United National Bank of Miami to Banco
Sabadell of Spain. The sale reflects The Bank of New York Mellon's
strategy of focusing on the expansion of its wealth management and
private banking businesses in Florida. The transaction, terms of
which have not been announced, is subject to regulatory approvals
and is expected to close by the first quarter of 2010. "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," said David F. Lamere, chief executive officer of
BNY Mellon Wealth Management. "Until this transaction closes, we
will continue to provide excellent customer service to MUNB's
clients and work with the buyers to ensure a smooth transition. "
Following the sale, the 335 current employees of Mellon United
National Bank will transition to the new owner. "We believe Banco
Sabadell is a very good fit for Mellon United National Bank, which
will benefit from the investments and opportunities that this
growing business bank will bring," Lamere added. In the past two
years, BNY Mellon Wealth Management has increased staffing and
widened the reach of its wealth management and private banking
businesses throughout Florida. Most recently BNY Mellon Wealth
Management opened a new regional office in Tampa, its seventh in
the state, from which it provides wealth management and private
banking services. In coming months, the firm plans to further
increase its Florida wealth management and private banking presence
and add to its professional team of salespeople and portfolio
managers as well. "We've enjoyed excellent growth in Florida and
throughout the southeastern U.S.," said Craig Sutherland, who is
based in Miami as president of the Southeast region of BNY Mellon
Wealth Management. "We consider this region key to our growth
strategy and we will continue to expand our presence in Florida."
Following this transaction, The Bank of New York Mellon will
continue to employ nearly 1,250 people in Florida. In addition to
Wealth Management, other BNY Mellon businesses with a presence in
Florida include Corporate Trust and Asset Management. Acting as
exclusive financial advisor to The Bank of New York Mellon in this
transaction was Credit Suisse (USA) LLC. Banco Sabadell
(http://www.bancosabadell.com/) is Spain's fourth-largest bank
group, with a market capitalization of $11.2 billion, and it is
listed in Spain's blue-chip IBEX 35 index. It has one of the
highest capital ratios among European banks and is renowned for the
excellence of its customer service. Founded in 1881, Banco Sabadell
currently has over 1,200 branches throughout Spain and a presence
in another 19 countries through subsidiaries and operational or
representative offices, notably in China, India, the Middle East,
Africa and Latin America. BNY Mellon Wealth Management is among the
nation's leading wealth managers, with more than two centuries of
experience in providing investment management, wealth and estate
planning, and private banking services to financially successful
individuals and families, their family offices and business
enterprises, charitable gift programs, and endowments and
foundations. It is among the top 10 U.S. wealth managers with $142
billion in private client assets and an extensive network of
offices in the U.S. and internationally. BNY Mellon Wealth
Management products and services are provided by subsidiary banks
and trust companies of The Bank of New York Mellon Corporation. The
Bank of New York Mellon Corporation is a global financial services
company focused on helping clients manage and service their
financial assets, operating in 34 countries and serving more than
100 markets. The company is a leading provider of financial
services for institutions, corporations and high-net-worth
individuals, providing superior asset management and wealth
management, asset servicing, issuer services, clearing services and
treasury services through a worldwide client-focused team. It has
$20.7 trillion in assets under custody and administration, $926
billion in assets under management, services more than $11.8
trillion in outstanding debt and processes global payments
averaging $1.8 trillion per day. Additional information is
available at http://www.bnymellon.com/. This press release contains
statements relating to future events that are considered
"forward-looking statements." These statements, which may be
expressed in a variety of ways, including the use of future or
present tense language, relate to, among other things, the expected
closing date for the transaction and plans following the closing of
the transaction. These forward-looking statements, and other
forward-looking statements contained in other public disclosures of
The Bank of New York Mellon Corporation which make reference to the
cautionary factors contained in this press release, are based on
assumptions that involve risks and uncertainties and that are
subject to change based on various important factors (some of which
are beyond The Bank of New York Mellon Corporation's control).
Actual results may differ materially from those expressed or
implied as a result of these risks and uncertainties, including,
but not limited to: changes in political and economic conditions;
success in gaining regulatory approvals when required; and other
risks and uncertainties detailed in reports filed by The Bank of
New York Mellon Corporation with the Securities and Exchange
Commission pursuant to the Securities Exchange Act of 1934. All
statements speak only as of July 22, 2009, and The Bank of New York
Mellon Corporation undertakes no obligation to update any statement
to reflect events or circumstances after July 22, 2009 or to
reflect the occurrence of unanticipated events. DATASOURCE: The
Bank of New York Mellon Corporation CONTACT: Media, Susan Rivers,
+1-617-722-7193 or +1-857-472-8292, , or Analysts, Andy Clark,
+1-412-234-4663, Web Site: http://www.bnymellon.com/
Copyright