On the Brink of Historic Change

In September 2006 The Bank of New York's Chairman and Chief Executive Officer Thomas A. Renyi reached out to Mellon's Chairman and Chief Executive Officer Robert P. Kelly to initiate a general discussion about the possibility of a strategic transaction between the two competitors. While a combination of the two companies had been discussed in the late 1990s, now the timing was ideal and the partners perfectly suited.

Renyi had recently completed the transformation of his company from a traditional commercial bank to a leading provider of securities services and asset management, which involved more than 80 acquisitions and culminated in selling the Bank's retail franchise and spinning off its execution services in 2006. The company now had a clear and sharpened focus.

Mellon had already divested its retail banking and other banking business before Kelly joined the company in 2006. Under his leadership the company pursued a clearly defined strategic vision centered on growing its asset management and asset servicing franchises.

With complementary strengths and leadership positions in their key businesses, both organizations recognized the opportunity to add scale and enhance their ability to deliver outstanding service and performance. Therefore, the executive management and board members of The Bank of New York and Mellon knew that the key to controlling their own destinies was to become one.