By James Langton

(January 10 – 10:20 ET) – Mellon Financial Corp. is taking advantage of legislative changes allowing foreign branch banking to roll up its Schedule II chartered bank into a new Toronto branch of Mellon Bank N.A.

The new location is a full-service branch for corporate customers. Mellon Bank Canada, the Schedule II chartered bank which had been Mellon’s core presence in Canada, has transferred its banking assets to the branch, and is being reorganized as a holding company for other Mellon businesses in Canada.

These actions have been approved by the Office of the Superintendent of Financial Institutions and the Minister of Finance in accordance with legislation that permits the establishment of foreign bank branches in Canada.

“This new organizational structure will allow us to be even more responsive to the needs of our business customers,” said Wendy Bocti, principal officer and head of Mellon Bank’s Canada Branch.

“We have developed relationships over the years with many of the premier corporations in Canada. With this branch, we’ll continue to provide an extensive array of products and services to our business customers, including cash management and treasury support, foreign exchange transactions, and wholesale lending and leasing.”

Bocti says the new structure will make it easy for Mellon’s customers in Canada to access services provided by other Mellon-related units, such as: trust and custody services from CIBC Mellon; investment management from Mellon Asset Management, Ltd.; global actuarial and human resources consulting services from Buck Consultants; insurance premium financing from CAFO; and a variety of services from other Mellon businesses in Canada.
-IE Staff