Bank of New York Mellon (BK.N) is looking to buy back stock and resume dividend payments in 2011, rather than pursue more large acquisitions, Chief Executive Robert Kelly said on Wednesday. "We hope to be in a position where we can do dividends and buybacks again," Kelly said in a telephone interview. "Last year, there were some motivated sellers. I kind of view that as a one-time event." New York-based BNY, the world's largest custody bank, cannot resume dividends or buybacks, suspended because of the 2008 financial crisis, without regulators' permission, Kelly said. He expects to hear back by mid-year from the Federal Reserve on the bank's plan to meet new Basel III capital standards, he added.
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