CIBC Mellon merger; Solus to join Raymond James

Summary#

This notice reports two planned corporate moves involving trust companies. First, CIBC Mellon Trust Company and CIBC Mellon Global Securities Services Company plan to join into a single company. Second, Solus Trust Company Limited intends to continue as a federally regulated trust company and be acquired by Raymond James Trust (Canada), with the two then planned to merge.

What it does#

• CIBC Mellon Trust Company and CIBC Mellon Global Securities Services Company intend to apply for letters patent of amalgamation under the Trust and Loan Companies Act (Canada) to continue as one company called CIBC Mellon Trust Company (French name given in the notice). The companies expect the amalgamation to take effect on November 1, 2023 and to have their head office in Toronto, Ontario. The filing date mentioned in the notice is January 28, 2023.

• Solus Trust Company Limited filed for letters patent of continuance under the Trust and Loan Companies Act (Canada) so it can continue as a federally incorporated, non-deposit-taking trust company. The application was filed on November 16, 2022. Solus is currently incorporated under the Financial Institutions Act (British Columbia) and has its head office in Vancouver, British Columbia.

• After the continuance, Raymond James Trust (Canada) and Solus plan to apply for letters patent of amalgamation so the two entities become one trust company. The amalgamated company would initially use the name Raymond James Trust (Canada) and later change its name to Solus Trust Company (English) / Compagnie Trust Solus (French). The resulting company would be a non-deposit-taking trust company offering estate and trust services across Canada, with its head office remaining in Toronto.

• The notice says anyone who objects can send a written objection to the Office of the Superintendent of Financial Institutions by March 7, 2023 (postal and email contact information were provided in the original notice).

• The notice also makes clear that publication does not mean approval. Final decisions depend on the review process and the Minister of Finance.

Who's affected#

• Customers of the named trust companies — including people with estate, trust, or custody accounts — could be affected if services, branding, or account administration change.
• Employees and management of the companies involved may see organizational changes.
• Financial advisers and firms that work with these trust companies could be affected by a change in the service provider or corporate structure.
• Regulators and anyone tracking where a trust company is incorporated or regulated (provincial vs federal) will be affected by Solus’s proposed move from British Columbia law to federal regulation.
• Members of the public who wish to object to the proposed continuance or amalgamation (objections had to be submitted by March 7, 2023).

If the notice is unclear about specific operational changes (for example, whether customers will be asked to sign new documents), that was not stated and would depend on later communications from the companies.

Why it matters#

• Mergers and continuances can change which rules and regulator oversee a company. Solus moving from provincial to federal regulation could affect how it is supervised and where complaints go.
• Combining companies can simplify operations and branding, and may change who provides your trust or custody services. That can affect account paperwork, fees, or points of contact — though the notice does not specify those details.
• For clients and advisers, it’s a signal to watch for follow-up notices from the companies about any practical changes to accounts or services.
• For the wider public, the notice is part of the formal review process; publication alone does not mean these transactions have been approved.