Magazine article American Banker

Mellon Cross-Selling Home Mortgages at Dreyfus Offices

Magazine article American Banker

Mellon Cross-Selling Home Mortgages at Dreyfus Offices

Article excerpt

Mellon Bank Corp. has chosen mortgages as the flagship product for a cross-marketing push aimed at customers of its Dreyfus Corp. subsidiary.

The Pittsburgh-based banking company this summer began touting conventional and jumbo mortgages at Dreyfus financial centers in major cities nationwide.

The company wants to familiarize Dreyfus customers with the Mellon name

and gradually introduce more bank products, said executives familiar with Mellon's plans.

Aside from mortgages, Mellon is soon expected to offer certificates of deposit and credit cards through Dreyfus offices.

With the initiative, Mellon hopes to realize a goal of leveraging its products by marketing them through Dreyfus, the mutual fund giant bought for $2 billion last year. At the time, Mellon chairman Frank V. Cahouet told a congressional panel that cross-marketing opportunities were a primary reason for Mellon's attraction to Dreyfus.

Right now, however, executives at Mellon are declining to discuss plans

for Dreyfus storefront offices, saying they would rather wait until the program is fleshed out.

Industry observers are already looking at the project with interest. Cross-selling has been a major theme in mergers and acquisitions in recent

years, but results have so far been spotty.

"They're using the Dreyfus network to drive products to more consumers,"

said Anne Morgan Moore, president of Synergistics Research Corp., Atlanta.

"It's an approach that will expand their marketplace nationally. …

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