The Bank of New York Mellon Acquires Full Ownership of BNY Trust Australia

Purchases Trust Company Limited's 50% Interest in BNY Trust Australia

SYDNEY, Australia and NEW YORK, April 28 /PRNewswire-FirstCall/ -- The Bank of New York Mellon (NYSE: BK) has agreed to purchase Trust Company Limited's 50 percent interest in BNY Trust Australia, a 50-50 joint venture formed by the two companies in 2005 that provides a wide range of corporate trustee and agency services to Australian-based issuers of debt. The transaction is expected to close in May subject to regulatory approvals.

"Through the joint venture, we've expanded our presence in Australia and built a corporate trust franchise that services the evolving needs of debt issuers across the country. We will continue to invest in and grow the business to capitalize on the long-term growth prospects of the Australian marketplace," said Samir Pandiri, managing director and head of the International division of The Bank of New York Mellon's corporate trust business.

BNY Trust Australia has experienced steady growth in Australia since its inception. In 2007, it acted on more than one-third of the country's domestic securitisation deals and approximately 80% of the cross-border securitisation transactions, as measured by total debt issued.

"Trust Company Limited has been an excellent partner and we are pleased to have reached this agreement, which will allow us to expand our presence and capabilities in the country," said John McGee, managing director of BNY Trust Australia.

The Bank of New York Mellon's corporate trust business services $12 trillion in outstanding debt from 54 locations around the world. It services all major debt categories, including corporate and sovereign debt, mortgage-backed and asset-backed securities, collateralized debt obligations, derivative securities and international debt offerings. The Bank of New York Mellon's corporate trust and agency services are delivered through The Bank of New York subsidiary.

Corporate trust providers are appointed by corporations, municipal governments and other entities issuing debt to perform a variety of duties, including servicing and maintaining the debt issue, processing principal and interest payments for investors, representing investors in defaults, and providing value-added services for complex debt structures.

The Bank of New York Mellon Corporation is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. The company is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has more than $23 trillion in assets under custody and administration and more than $1.1 trillion in assets under management. Additional information is available at bnymellon.com.

SOURCE The Bank of New York Mellon