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The sale would be part of an attempt by Mellon to shift its business mix in favor of such high-growth areas as trust, custody and asset management.
Its products include money market accounts, mutual and pension funds, private equity funds, payment trust, custody services, and corporate trust.
What Bank of Bermuda lacks in size, it makes up for with exposure to growing, fee-based businesses, such as fund management, private banking, trust, custody and fund administration services.
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They would offer trust and custody services for retail and wholesale clients.
Mellon's shares trade at a discount to those of other banks in the trust and custody businesses.
He sold underperforming businesses and increased the profits of such core areas as credit cards, trust and custody, and mortgage banking.
Institutional trust and custody, for example.
More recently Schwab has created something called "U.S. Trust Institutional Services," which unbundles U.S. Trust's back-office trust and custody services for the benefit of Schwab's independent financial advisers.
BNY Mellon, one of the largest trust and custody banks, did not elaborate on why Kelly, 57, was stepping down.
Principal gains operations that handle 401(k) and pension plans, executive deferred compensation and institutional trust and custody offerings.
BNY Mellon, like other trust and custody banks, manages cash for companies and handles back-office processing of securities and banking transactions for fund managers, among its other businesses.
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