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BNY Mellon Combines Securities Lending With CIBC Mellon

Oct. 22 (Bloomberg) --- Bank of New York Mellon Corp., the world’s largest custody bank, is merging its securities lending desk with that of CIBC Mellon, its joint venture with Canadian Imperial Bank of Commerce.

The integration with Toronto-based CIBC Mellon will create one of the largest securities lending operations in the world, New York-based BNY Mellon said today in a statement. BNY Mellon has more than $2.5 trillion in lendable assets, while CIBC Mellon oversees C$500 billion ($486 billion) in such assets, according to the statement.

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.

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