NY-Mellon

U.S. Fed approves Bank of NY-Mellon merger

Thu Jun 14, 2007 4:18PM EDT

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WASHINGTON, June 14 (Reuters) - The Federal Reserve Board said on Thursday it approved the proposed merger of Bank of New York Co. Inc. (BK.N: Quote, Profile, Research) and Mellon Financial Corp. (MEL.N: Quote, Profile, Research).

The Fed said the deal, previously valued at $18 billion, meets the criteria for approval as an interstate acquisition under the Bank Holding Company act with no significant adverse effects on competition in the four major markets where the two banks compete.

The deal, which will create an institution called Bank of New York Mellon Corp., would combine two storied names in American finance and create a powerhouse in custody services for institutional investors and one of the biggest asset managers.

source : reuters.com