CIBC Mellon Amalgamation; Royal Arcanum Asset Release

Summary#

This Gazette item contains two separate notices. The first says that CIBC Mellon Trust Company and CIBC Mellon Global Securities Services Company plan to apply to the government to merge into a single company, expected to take effect on November 1, 2023. The second says that the Supreme Council of the Royal Arcanum intends to apply to the federal regulator to release the assets it holds in Canada, and invites policyholders or creditors to oppose that release by April 7, 2023.

What it does#

• Amalgamation notice:
  • CIBC Mellon Trust Company and CIBC Mellon Global Securities Services Company will jointly apply to the Minister of Finance for letters patent to combine into one company named CIBC Mellon Trust Company (French name: Compagnie Trust CIBC Mellon).
  • The companies expect the amalgamation to become effective on November 1, 2023.
  • The combined company's head office would be in Toronto, Ontario, Canada.
• Release-of-assets notice:
  • The Supreme Council of the Royal Arcanum intends to apply to the Superintendent of Financial Institutions (Canada) for an order allowing it to release the assets it holds in Canada under the Insurance Companies Act (Canada).
  • The notice invites any policyholder or creditor who opposes the release to file an objection by April 7, 2023 (by mail or email to the regulator).

Who's affected#

• For the amalgamation:
  • Clients, account holders, trustees, custodial clients, and counterparties of CIBC Mellon Trust Company and CIBC Mellon Global Securities Services Company.
  • Employees and service providers of those firms.
  • Regulators and anyone tracking corporate structure of financial services firms.
• For the asset-release:
  • Policyholders and creditors of the Supreme Council of the Royal Arcanum who have insurance business or claims in Canada.
• If it is unclear who else might be affected, the notices do not provide further detail about changes to contracts, claims handling, or customer rights.

Why it matters#

• A bank-trust amalgamation can change who you deal with for custody, trust, or securities services. That may affect contracts, points of contact, and where corporate records are kept, even if existing customer rights often remain governed by separate agreements.
• The asset-release by the Supreme Council of the Royal Arcanum could affect the security behind Canadian insurance policies or the ability of Canadian policyholders and creditors to make claims if assets are removed or reorganized. The opposition deadline of April 7, 2023 gives affected parties a short window to object to the regulator.