BNY Mellon expands Australian presence
Trust Company has announced it plans to sell its 50 per cent stake in BNY Trust Australia to its joint venture partner, The Bank of New York Mellon(BNY Mellon), for a cash consideration of $39.2 million before tax.
After tax, this equates to about $1 per share, which will be distributed to shareholders upon settlement and is expected to be completed by late June.
The transaction will allow BNY Mellon to expand its Australian presence in providing corporate trust and agency services to issuers of corporate debt.
In announcing the sale, Trust also reported an increase of 18 per cent in operating earnings before interest, tax, depreciation and amortisation to $23.1 million for year ended February 29, 2008.
This result represents a final fully franked dividend of 30 cents per share, bringing the year’s total to 54 cents per share.
Recommended for you
AZ NGA has partnered with an Adelaide-based accounting and financial planning practice as it expands its presence in South Australia.
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
ASIC has cancelled the AFSL of a Melbourne-based managed investment scheme operator over a failure to pay industry levies and meet its statutory audit and financial reporting lodgement obligations.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
