CIBC Mellon has been recognized as Canada’s number one provider of subcustodial services in Global Custodian magazine’s 2005 review of agent banks in major markets.

Now in its seventeenth year, the review measures the quality of custody, clearing and settlement services provided to cross-border and domestic clients across nine categories: value and commitment, relationship management, reporting, corporate actions, proxy voting, cash and foreign exchange, safekeeping, settlement and technology.

“Respondents’ scores and comments in this year’s review clearly indicate that CIBC Mellon has earned its position as Canada’s leading subcustodial services provider,” said Robert Kay, managing director, Global Securities Consulting Services. “With their relentless focus on providing exceptional client service and relationship management, combined with their leading-edge technology, CIBC Mellon delivers on their promise to clients. This dedication and effort is clearly reflected in CIBC Mellon’s scores.”

In addition to the nine service category scores for each of the two client types, the review also ranks providers into one of three categories: top-rated, commended or unrated. CIBC Mellon secured “top-rated” status in both the cross-border and domestic client categories.

The survey also awarded RBC Global Services “top rated” status for the 17th consecutive year.

“RBC is now the only bank worldwide to be Top-Rated since 1989 and retains that status for a 17th straight year,” said Dominic Hobson, editor-in-chief of Global Custodian.