CIBC Mellon has been recognized as Canada’s number one subcustodian by Global Custodianmagazine. The magazine’s 2002 annual Agent Bank Review refers to CIBC Mellon as a “top-rated” performer and identifies the company as the only Canadian top-rated provider to exceed this year’s global average overall score.

“Over the years, we have used the results of this survey to benchmark the quality of our subcustody services,” said Thomas MacMillan, CIBC Mellon president and CEO. “Responding to the comments made by our clients has allowed us to continuously meet and exceed their expectations.”

The magazine’s review rates subcustodians in eight categories: settlement; safekeeping; corporate actions; reporting; account administration; ancillary services; technology; and other (e.g., commitment, fees, etc.).

“Competition to be the top subcustodian in Canada was never less than intense, and CIBC Mellon has threatened for several years to do what it has finally achieved in 2002 – cement its place among the top-rated elite,” said Dominic Hobson, editor-in-chief of Global Custodian. “In terms of scores, CIBC Mellon has led the Canadian market in each of the last three years.”

“CIBC Mellon’s highest score in this survey was in the area of technology,” said Robert Kay, managing director, Global Securities Consulting Services. “Development of their Internet-based product offerings, such as online client reporting and a corporate actions delivery engine, has been well received by clients. In addition, their plan to introduce a Web STP (straight through processing) workstation, will further increase the pressure on their competitors to match CIBC Mellon’s leading-edge tools.”