Essay on Cibc Mellon

1786 Words 8 Pages
Strategic Profile
According to CIBC Mellon, the company is built on the strengths and traditions of their two parent companies, CIBC and BNY Mellon. With these two companies combined expertise, they were able to provide a unique advantage of delivering intelligent solutions that are global in scale, and provide superior value. CIBC Mellon states that they have a shared history and timeline ranging from 1867 to the present. This timeline begins in 1867 when the Canadian Bank of Commerce was established in Canada by the Honorable William McMaster, a prominent Toronto businessman and philanthropist. According to CIBC Mellon in 1869, Mellon Bank was established by Thomas Mellon, a well-known Pittsburgh lawyer and jurist. Over the
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CIBC Mellon acquired the pension and custodial business of Canada Trust, (CIBC Mellon, 2013). In 1999, CIBC Mellon acquired the Bank of Montreal's global custody business (CIBC Mellon, 2013). In 2002, CIBC Mellon cut the ribbon on renovations to its Toronto head office in the architecturally significant Canada Permanent Building. The meticulous renovations to the banking hall preserved and in some cases recreated the detailed craftsmanship and architecture of the banking hall’s original 1929 grandeur. CIBC Mellon won an Award of Excellence from Heritage Toronto in 2003, and an Honorable Mention at the 2003 ARIDO Awards, (CIBC Mellon, 2013). In 2007, Mellon merged with The Bank of New York to form BNY Mellon, a global financial services company with tremendous size, scale and scope (CIBC Mellon, 2013). In 2010, CIBC Mellon’s corporate trust business merged with BNY Mellon’s corporate trust business under BNY Trust Company of Canada, extending BNY Trust Company of Canada’s leadership position in the Canadian corporate trust market (CIBC Mellon, 2013). In 2010, CIBC Mellon sold its issuer services business to Canadian Stock Transfer Company Inc. to strategically focus on its main line of business – asset servicing (CIBC Mellon, 2013). In 2011, CIBC Mellon announces that it has surpassed CAD$1 trillion in assets under administration (CIBC Mellon, 2013).
Products and Services
According to CIBC Mellon, their company

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