-BNY Mellon and CIBC Mellon merge securities lending operations.
Global Banking News - 23 October 2013
BNY Mellon (NYSE: BNY), a company involved in investment management and investment services, and CIBC Mellon, its long-established Canadian joint venture with Canadian Imperial Bank of Commerce, yesterday announced the integration of their respective securities lending desks.
The integration is claimed by BNY Mellon to establish its Securities Finance business as one of the largest providers of securities lending services in the world, with trading offices in New York, Pittsburgh Toronto, London and Hong Kong.
A part of BNY Mellon's Global Collateral Services division, the Securities Finance business includes over USD2.5tn in assets for lending and outstanding loan balances of nearly USD250bn. CIBC Mellon's programme represents more than 120 clients, with nearly CAD500bn in assets for lending and CAD60bn on loan, making it the largest such securities lending programme in Canada.
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