12 Facts About CIBC Mellon

CIBC Mellon was founded in 1996 as a joint venture between the Canadian Imperial Bank of Commerce and the Mellon Financial Corporation to offer asset servicing to institutional investors.

CIBC Mellon acquired the Pension and Institutional Trust businesses from Canada Trust in 1997 and the global custody business from the Bank of Montreal in 1999.

In 2002 CIBC Mellon acquired, from TD Financial Group, their third party investment fund custody business.

In 1998 it seemed that CIBC Mellon would be acquiring the Pacific Corporate Trust Company of Vancouver, British Columbia.

On October 8,2009, CIBC Mellon announced the acquisition of the unitholder recordkeeping and fund administration business of Felcom Data Services Inc, a wholly owned subsidiary of Jovian Capital Corporation, for a purchase price of approximately C$4.

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CIBC Mellon indicated that they would offer employment to the majority of employees involved in the business lines acquired.

On November 1,2010, CIBC Mellon sold its issuer services business to Canadian Stock Transfer Company, Inc.

CIBC Mellon has been the subject of two securities investigations.

The SEC subsequently cited CIBC Mellon for acting as an unregistered broker and transfer agent, and for offering to sell unregistered securities in addition to alleging that the company was uncooperative in the investigation.

Alnoor Jiwan was terminated for cause from CIBC Mellon, following the company's discovery of the transactions, and simultaneously ceasing all dealings with Pay Pop Inc.

In 2004, a long-term employee of CIBC Mellon was terminated, after it had been discovered that they had been disclosing institutional holdings in certain companies to unidentified parties in return for gifts.

In 2003, CIBC paid out $80 million in charges for complicity with its involvement with Enron.