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BULLETIN: Mellon Financial Corp. in Unconfirmed Discussions to Sell Retail Banking Jul 01
Standard & Poors, July 2001
Abstract
Counterparty credit ratings: A+/Stable/A-1 Unconfirmed media accounts suggest that Mellon Financial Corp. (Mellon) is engaging in discussions to sell its regional banking operation to Citizens Financial Group Inc. (Citizens, a subsidiary of Royal Bank of Scotland PLC). If the sale were to take place, Standard & Poor's does not think it would likely affect Mellon's ratings. For several years, Mellon has focused on expanding and nurturing high growth businesses including asset management, investment services, and cash management. Mellon management has sold businesses that do not meet its high standards for growth and market position. Mellon's ratings do benefit from the strong diversity of its income stream from several business segments. In a business line sale, however, any diminution of creditor...
Companies mentioned in this report are: Mellon Financial Corp.,The Royal Bank of Scotland PLC
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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