Bank of New York Mellon establishes Belgian entity

Source: Bank of New York Mellon

The Bank of New York Mellon Corporation, the global leader in securities servicing and asset management, today announced it has established The Bank of New York Mellon SA/NV, a new banking entity that will be the lead European entity for a range of business activities, including global custody, global collateral management and depotbank.

By the end of 2009, the new Belgian bank will incorporate activities carried out by the existing BNY Mellon Brussels Branch and, subject to regulatory approval, the Netherlands-based BNY Mellon Asset Servicing B.V. entity, which encompasses asset servicing activities across London, Brussels, Amsterdam, Breda, Luxembourg and Frankfurt.

With projected total assets* of EUR44 billion, The Bank of New York Mellon SA/NV will be the sixth largest† bank in Belgium. Some 1,500 staff, based across multiple European locations, will be part of the new bank.

The Bank of New York Mellon Brussels Branch was established 13 years ago and today employs 1000 staff, while BNY Mellon Asset Servicing B.V. employs a further 500 people.

Nadine Chakar, Executive Vice-President and Head of Europe, Middle East & Africa (EMEA) at BNY Mellon Asset Servicing, said: "Growth in the EMEA region is a central plank of our Asset Servicing business' global growth strategy, and since our merger in June 2007 we have been focused on ensuring that our various legal entity structures are properly aligned to support this growth.

"By creating this regional hub in Brussels, we are putting in place a financial, commercial and operational base which will allow us to continue to expand our business across the region and consolidate our position as the leading provider of securities servicing globally. Our Belgian banking licence will also benefit us when it comes to future membership of European payment platforms."

*Post integration of BNY Mellon Asset Servicing B.V. entity
† By size of balance sheet

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