BNY Mellon Receives Banking Licence in Ireland
October 29 2009 - 6:08AM
PR Newswire (US)
Approval by the Financial Regulator will support BNY Mellon's
continued growth in Ireland DUBLIN, Oct. 29 /PRNewswire-FirstCall/
-- BNY Mellon, the global leader in asset management and securities
servicing, has received approval from the Irish Financial Regulator
to establish a new bank licensed entity in Ireland. Known as The
Bank of New York Mellon (Ireland) Limited ("the Irish bank"), the
creation of the new entity reinforces BNY Mellon's commitment to
Ireland and provides strategic growth opportunities for its
business. The licence allows BNY Mellon to provide a wide range of
banking services to its institutional clients and the broader
market, and will also expand the range of capabilities it can offer
from Ireland to local and global clients. In addition to his role
as Country Executive for Ireland, Joe Duffy takes on the role of
CEO of the Irish bank. He will continue to be based in Dublin. Tim
Keaney, Chairman of Europe at BNY Mellon, said: "This is an
important step in enhancing the services we offer from Ireland and
in achieving our vision as one of the leading international
financial services firms in the marketplace. At a time when some
international banks are scaling back their investments, we are
moving forward to build our presence in important markets such as
Ireland. Receiving this bank licence will allow us to step up to
the next level and we are very excited about our future plans
here." Joe Duffy added: "Ireland is a leading financial services
centre and as the Irish market has grown and matured, so we have
evolved our capabilities. Ireland is a key element within BNY
Mellon's European strategy: it is an investment destination for
many of the world's most sophisticated institutional investors who,
in turn, require the most sophisticated services to improve
transparency, enhance efficiency, reduce costs and mitigate risk.
We are delighted to be able to extend our service offering from
Ireland to our international clients to provide them with an even
higher quality of local expertise and global servicing." BNY Mellon
opened its first office in Ireland in 1994. Since then, the
services provided by the business have become core to the
securities servicing business of BNY Mellon, with Ireland evolving
as a major growth centre for the company's offshore fund business.
It currently has over 1200 employees in Ireland, located in Dublin
and Cork. In 2004, BNY Mellon's presence in Ireland was
strengthened through the establishment of Pershing Securities
International Limited in Dublin. Pershing, a BNY Mellon company, is
one of the industry's largest global providers of financial
business solutions to institutional and retail financial
organisations and independent registered investment advisors.
Pershing's Dublin office is a leading provider of execution,
clearing, custody and custodial services to financial services
organisations in Ireland. BNY Mellon is the largest fund
administrator and custodian in Ireland according to Lipper's 2009
Ireland Fund Encyclopaedia (November 2009). The company was named
"Ireland Fund Administrator of the Year" at ICFA magazine's
European Awards 2008 in December - this was the third year in
succession BNY Mellon has won this award. BNY Mellon is listed on
the New York Stock Exchange and has a market capitalisation of
US$34.9 billion (at September 30, 2009) making it the ninth largest
bank by market capitalisation in the United States. The company is
also one of the strongest financial institutions globally, with the
highest debt ratings of all major U.S. banks as ranked by both
Moody's and S&P. The company's Tier 1 capital ratio is among
the highest of all major U.S. banks, with a very strong common
equity component. Additionally, with liquid assets to total assets
ratio of approximately 33% at the end of the second quarter of
2009, the company continues to maintain a strong and liquid balance
sheet, further underscoring the strength of its capital position.
Having emerged in May of this year as the strongest performer in
the US bank 'stress tests', in June BNY Mellon was among the first
large banks that received permission to repurchase the preferred
stock purchased by the U.S. government in October 2008 as part of
the TARP Capital Purchase Program. Notes to editors BNY Mellon is
the corporate brand of The Bank of New York Mellon Corporation. BNY
Mellon is a global financial services company focused on helping
clients manage and service their financial assets, operating in 34
countries and serving more than 100 markets. BNY Mellon is a
leading provider of financial services for institutions,
corporations and high-net-worth individuals, providing superior
asset management and wealth management, asset servicing, issuer
services, clearing services and treasury services through a
worldwide client-focused team. It has $22.1 trillion in assets
under custody and administration and $966 billion in assets under
management, services $11.9 trillion in outstanding debt and
processes global payments averaging $1.6 trillion per day.
Additional information is available at http://www.bnymellon.com/.
DATASOURCE: BNY Mellon CONTACT: Ivan Royle, BNY Mellon, +44 20 7163
3230, Web Site: http://www.bnymellon.com/
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