B of M sells custody unit to CIBC Mellon

Article Abstract:

Bank of Montreal will sell its custody operations to CIBC Mellon Global Securities Services Co for an estimated C$100 million. The acquisition of Bank of Montreal's division, which administers C$170 billion in client assets, will boost CIBC Mellon's client assets under management to C$490 billion. CIBC Mellon is a joint venture between Canadian Imperial Bank of Commerce and Mellon Bank Corp of Pittsburgh, PA.

Acquisitions & mergers, Investment Advice, Trust, Fiduciary, and Custody Activities, Bank Investment Advisory Services, Bank Trust Services, Bank of Montreal, Trust companies

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Royal properties attract interest

Article Abstract:

Royal Bank of Canada received 20 expressions of interest for the 33 office structures and processing centers in Canada that it selling. The billion- dollar real estate portfolio includes the bank's landmark headquarters in downtown Toronto, Ontario. Among the prospective buyers are Gentra Inc, TrizecHahn Corp, Cadillac Fairview Corp and the Ontario Municipal Employees Retirement Board (OMERS).

Commercial Banking, Facilities & equipment, Commercial Banks, Royal Bank of Canada

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