The proposed merger of The Bank of New York and Mellon Financial Corporation has been overwhelmingly approved by shareholders. The merger, first announced last December remains on schedule for an expected closing early in the third quarter of this year, subject to regulatory approvals. Thomas Renyi, chairman and chief executive officer of The Bank of New York, said: "By combining our two leading companies, we will create the premier asset management and securities servicing firm globally. We are pleased that our shareholders have endorsed the benefits of this transaction. Today's votes are two more important steps in realizing the tremendous potential of the combined organisation." The new company, which will be called The Bank of New York Mellon Corporation, will have assets under custody and administration expected to exceed $18 trillion, and assets under trusteeship anticipated to be more than $8 trillion. It also will rank among the top 10 global asset managers with assets under management exceeding $1 trillion.