According to a news release about the agreement, the transaction is subject to regulatory and other approvals and is expected to close during the third quarter of 2007. At transaction close, ABN AMRO Mellon will become a part of The Bank of New York Mellon Corporation, the announcement said.
“Following its decision to merge with The Bank of New York, Mellon was keen to explore the possibility of taking full ownership of ABN AMRO Mellon,” said Nadine Chakar, CEO of ABN AMRO Mellon, in the release. “Both shareholders are in agreement that such a change of ownership is in the best interests of the JV [joint venture] and its clients. ABN AMRO remains one of our most important clients – we will continue to be ABN AMRO’s preferred provider.”
Chakar will retain her responsibilities as CEO of ABN AMRO Mellon in tandem with her new role as Head of EMEA for the BoNY Mellon Asset Servicing group. The ABN AMRO Mellon Managing Board will remain in place.