ABN AMRO Mellon, the 50-50 joint venture company established by Mellon Bank N.A. and ABN AMRO in 2003 (see to provide global custody and related services to institutions outside North America, will now be known as BNY Mellon Asset Servicing B.V. and becomes a part of the asset servicing division of The Bank of New York Mellon.
Terms of the deal have not been disclosed.
The bank continues to be headquartered in Amsterdam and regulated by DNB. Existing ABN AMRO Mellon clients will remain contracted to BNY Mellon Asset Servicing B.V., as will ABN AMRO Mellon staff at the company’s operational centers around the world, according to a press release. Mellon Bank N.A. agreed to purchase ABN AMRO’s 50% share in ABN AMRO Mellon Global Securities Services B.V., provider of global custody and related services to institutions outside North America, earlier this year (see Mellon Takes Full Ownership of ABN AMRO Mellon ).
ABN AMRO Mellon CEO Nadine Chakar takes up a new position as Chair of the Supervisory Board of BNY Mellon Asset Servicing B.V. She continues in her role as Head of Europe, Middle East & Africa (EMEA) for BNY Mellon’s asset servicing business, which she has held since the completion of the merger between The Bank of New York and Mellon Financial Corporation in July 2007 (see Mellon Takes Full Ownership of ABN AMRO Mellon ).
Pim Nederpel, who has been ABN AMRO Mellon’s Chief Financial Officer since October 2005, will be CEO of BNY Mellon Asset Servicing B.V. Prior to joining ABN AMRO Mellon, Nederpel held the roles of Executive Director of Euronext Amsterdam and Deputy CEO of Clearnet among other positions.
The bank’s existing Managing Board structure will remain in place.
Nadine Chakar said: “This deal is about evolution, not revolution. It is about moving the company to the next level, and there is a clear and logical fit between ABN AMRO Mellon’s activities and the capabilities of the BNY Mellon Asset Servicing line of business.”