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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) - January 8, 1998
MELLON BANK CORPORATION
(Exact name of registrant as specified in charter)
Pennsylvania 1-7410 25-1233834
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
One Mellon Bank Center
500 Grant Street
Pittsburgh, Pennsylvania 15258
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code - (412) 234-5000
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ITEM 5. OTHER EVENTS
By press release dated January 8, 1998, Mellon Bank Corporation
("Mellon") and its mutual fund company, The Dreyfus Corporation, and
BICECORP S.A. (BICECORP) announced a strategic alliance through which
Mellon and BICECORP will create joint ventures involving three BICECORP
subsidiaries.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibit Description
Number
99.1 Mellon Bank Corporation Press Release, dated January 8, 1998,
announcing the matter referenced in Item 5 above.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
MELLON BANK CORPORATION
Date: January 12, 1998 By: /s/ STEVEN G. ELLIOTT
Steven G. Elliott
Vice Chairman, Chief Financial Officer
& Treasurer
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EXHIBIT INDEX
Number Description Method of Filing
99.1 Press Release dated Filed herewith
January 8, 1998
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CONTACTS: Mellon Bank Corporation BICECORP S.A.
Media: Stephen K. Dishart Gonzalo Valdes
(412) 234-0850 (562) 692-2000
Analysts: Donald J. MacLeod Ignacio Rodriguez
(412) 234-5601 (562) 692-2000
FOR IMMEDIATE RELEASE
MELLON/DREYFUS AND BICECORP ANNOUNCE STRATEGIC ALLIANCE
IN CHILEAN ASSET MANAGEMENT ACTIVITIES
- --Mellon to acquire 49 percent of BICE Fondos Mutuos, 50 percent of Inverfondos
and 50 percent of Biceconsult (Bermuda)--
PITTSBURGH and SANTIAGO, CHILE, Jan. 8, 1998--Mellon Bank Corporation (NYSE:
MEL) and its mutual fund company, The Dreyfus Corporation, and BICECORP S.A.
(BICECORP) today announced a strategic alliance through which Mellon and
BICECORP will create joint ventures involving three BICECORP subsidiaries that
will leverage BICECORP's local knowledge, contacts and existing businesses in
Chile with Mellon's investment management and marketing expertise. The
transaction provides that Mellon will acquire 49 percent of BICE Administradora
de Fondos Mutuos S.A. (BICE Fondos Mutuos), a Santiago-based mutual fund
management company; 50 percent of Administradora de Fondos de Inversion
Inverfondos S.A. (Inverfondos), a fund management company also based in
Santiago; and 50 percent of Bermuda-registered Biceconsult (Bermuda) Ltd., a
financial advisory company. Terms of the transaction were not disclosed.
"BICECORP and Banco BICE are very well-respected institutions in
Chile, and BICECORP's principal owners, the Matte family, is a strong partner
for introducing Dreyfus' broad selection of investment management products and
services to this key strategic market," said Christopher M. "Kip" Condron,
Mellon vice chairman and Dreyfus president and chief executive officer. "This
transaction is consistent with our strategy of entering certain key markets with
high-growth potential, like Chile, with a low-risk approach, providing a
selection of services to customers in the business lines and markets where we
can compete effectively."
-more-
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Strategic Alliance Announced
Page 2
Jan. 8, 1998
Mellon and Dreyfus recently announced a similar strategic alliance in
Brazil with Banco Brascan, a Rio de Janeiro-based investment bank. In addition
to acquiring a 40 percent interest in Banco Brascan, Mellon and Banco Brascan
are forming an investment management joint venture. That transaction was
announced in October.
"We are delighted by this association, which will create a strong link
between BICECORP and Dreyfus," said Gonzalo Valdes, managing director of
BICECORP and chairman of Banco BICE. "Dreyfus brings vast know-how on
distributing financial products through state-of-the-art technology and the
expertise of investing wisely in international markets and the United States in
particular. We believe this alliance allows Dreyfus and BICECORP to improve the
scope of our services in the asset management industry, and recognizes the
global flow of funds and the demand for cross-border products."
BICE Fondos Mutuos, Inverfondos and Biceconsult are all affiliates of
BICECORP, a financial services holding company based in Santiago and quoted in
the local stock exchange. BICECORP's controlling shareholder is the Matte
Group, a well-diversified Chilean industrial group that also holds controlling
interests in Empresas CMPC, a paper and pulp company; Empresas Volcan, a
construction material company; Minera Valparaiso, hydroelectricity and ports;
Inmobiliaria Urbana, real estate; and AFP Summa, pension fund management. Other
shareholders of BICECORP include the Rothschild Group, based in the United
Kingdom. BICECORP and Rothschild will continue to work actively together in
areas such as resource banking, investment banking, stock brokerage transactions
and asset management. BICECORP's principal subsidiaries are Banco BICE, a
commercial bank, and Allianz-BICE Compania de Seguros de Vida, a life insurance
company.
A broad-based financial services company with a bank at its core,
Mellon Bank Corporation ranks among the nation's largest bank holding companies
in market capitalization. With approximately $300 billion of assets under
management and approximately $1.5 trillion of assets under administration,
Mellon provides a full range of banking, investment and trust products and
services to individuals and small, midsize and large businesses and
institutions. Its mutual fund company, The Dreyfus Corporation, places Mellon
as the leading bank manager of mutual funds. Headquartered in Pittsburgh,
Mellon's principal subsidiary is Mellon Bank, N.A.
Press releases and other information about Mellon Bank Corporation and
its products and services are available at http://www.mellon.com on the
Internet. For Mellon press releases by fax, call 1 800 758-5804, identification
number 552187.
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