BofA/Merrill analyst Michael Carrier reinstated coverage on BNY Mellon with an Underperform and a $49 price target given low revenue growth outlook.

Computershare (CMSQF) has announced that it has agreed to acquire BNY Trust Company of Canada from BNY Mellon (BK) through its Canadian trust company, Computershare Trust Company of Canada. BNY Trust Company of Canada was established in 2001 and offers a range of trust and agency services in Canada to clients, including issuers, corporations, banks and government entities. BNY Trust Company of Canada is based in Toronto and has a portfolio of around 1,800 corporate trust mandates. Computershare said it expected all relevant staff members to transfer as part of the deal, with new employees being able to operate from its own Toronto office. The deal is scheduled to complete in the second half of calendar year 2024, subject to regulatory notifications and approvals and other customary closing conditions.