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BNY Mellon to Repurchase $1.35 Billion in Stock, Raise Dividend

March 14 (Bloomberg) -- Bank of New York Mellon Corp., the world’s largest custody bank, plans to raise its dividend by 15 percent to 15 cents per share and buy back stock after submitting its capital plan to the Federal Reserve.

BNY Mellon plans to repurchase as much as $1.35 billion of its common stock and its board will consider the dividend increase at its April meeting, the New York-based firm said in today’s statement. Following last year’s stress tests, the bank said it would repurchase as much as $1.16 billion of common stock and maintained its dividend at 13 cents a share.

To contact the reporter on this story: Charles Stein in Boston at cstein4@bloomberg.net

To contact the editor responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net

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