NETHERLANDS - The Bank of New York (BNY) Mellon Corporation has received approval from the Dutch regulator to complete its acquisition of ABN AMRO Mellon Global Securities Services BV.
ABN AMRO Mellon chief executive Nadine Chakar will take up a new position as chair of the supervisory board of BNY Mellon Asset Servicing BV, while continuing in her role as dead of Europe, Middle East & Africa (EMEA) for BNY Mellon's asset servicing business.
She said ABN AMRO Mellon employees and clients would benefit from the new opportunities afforded by being a part of a larger global organisation.
The bank will continue to be headquartered in Amsterdam, with existing ABN AMRO Mellon clients remaining contracted to BNY Mellon Asset Servicing BV, along with ABN AMRO Mellon staff at the company's operational centres around the world.
She said: "From the outset the ABN AMRO Mellon JV was structured to avoid disruption in the event of any change of ownership. I want to stress that continuity - of people, products, technology and service levels - remains our priority as we become part of the world's largest asset servicing provider.
"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."
Pim Nederpel has been made chief executive of BNY Mellon Asset Servicing BV and the bank's existing managing board structure will remain in place.
Terms of the deal have not been disclosed.
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