BNY Mellon subsidiary receives banking licence in Ireland
BNY Mellon 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), the creation of the new entity reinforces BNY Mellon’s commitment to Ireland and provides strategic growth opportunities for its business there.
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 chief executive of the Irish bank. He will continue to be based in Dublin.
Tim Keaney, chairman of Europe at BNY Mellon, says: "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 Republic. 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.”
Duffy adds: “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 1,200 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 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 advisers. Pershing's Dublin office is a provider of execution, clearing, custody and custodial services to financial services organisations in Ireland.
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