NEW YORK, June 29, 2016 /PRNewswire/ -- BNY Mellon, a
global leader in investment management and investment services,
today announced that the Federal Reserve did not object to the 2016
capital plan in its Comprehensive Capital Analysis and Review. As a
result, the company's board of directors has approved the
repurchase of up to $2.14 billion of
its common stock over a four-quarter period (compared to last
year's five-quarter period) starting in the third quarter of 2016
and continuing through the second quarter of 2017. The board also
approved the repurchase of up to an additional approximately
$560 million of common stock during a
portion of the period covered by the repurchase plan, contingent
upon the company issuing $750 million
of preferred stock. The 2016 capital plan also includes an
approximately 12 percent increase to BNY Mellon's quarterly cash
dividend on common stock from $0.17
to $0.19 per share, commencing as
early as the third quarter of 2016, subject to board approval.
"We are pleased to announce our intention to increase our
dividend as early as the third quarter and to continue our share
buyback program. We plan to accomplish this while increasing our
capital base to meet higher regulatory requirements and to continue
to perform through stressed market scenarios," said
Gerald L. Hassell, chairman and
chief executive officer of BNY Mellon.
BNY Mellon is a global investments company dedicated to helping
its clients manage and service their financial assets throughout
the investment lifecycle. Whether providing financial services for
institutions, corporations or individual investors, BNY Mellon
delivers informed investment management and investment services in
35 countries and more than 100 markets. As of March 31, 2016, BNY Mellon had $29.1 trillion in assets under custody and/or
administration, and $1.6 trillion in
assets under management. BNY Mellon can act as a single point of
contact for clients looking to create, trade, hold, manage,
service, distribute or restructure investments. BNY Mellon is the
corporate brand of The Bank of New York Mellon Corporation (NYSE:
BK). Additional information is available on
www.bnymellon.com. Follow us on Twitter @BNYMellon or visit
our newsroom at www.bnymellon.com/newsroom for the latest company
news.
The information presented in this news release may contain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements, which
may be expressed in a variety of ways, including the use of future
or present tense language, relate to, among other things, BNY
Mellon's capital plan, including expectations with respect to the
repurchase of shares of outstanding common stock, the issuance of
preferred stock, the level of dividend distributions, the capital
base, securities offerings and BNY Mellon's business model,
including expectations regarding the Company's financial strength,
flexibility and performance. These statements are based upon
current beliefs and expectations and are subject to significant
risks and uncertainties (some of which are beyond BNY Mellon's
control). Factors that could cause BNY Mellon's results to differ
materially can be found in the risk factors set forth in BNY
Mellon's Annual Report on Form 10-K for the year ended December 31, 2015 and BNY Mellon's other filings
with the Securities and Exchange Commission. All statements in
this news release speak only as of June 29,
2016, and BNY Mellon undertakes no obligation to update any
statement to reflect events or circumstances after June 29, 2016 or to reflect the occurrence of
unanticipated events.
Contacts: Media
Kevin Heine
+ 1 212 635 1590
kevin.heine@bnymellon.com
Analysts
Valerie Haertel
+1 212 635 8529
valerie.haertel@bnymellon.com
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SOURCE BNY Mellon