BNY Mellon moves Dutch operations to Belgium
02 October 2009 | 1353 views | 0
Source: BNY Mellon
BNY Mellon, a global leader in securities servicing and asset management, having received all required regulatory approvals has today announced the merger of its Dutch-based subsidiary BNY Mellon Asset Servicing B.V. into the Belgian bank entity it established in May of this year.
The merger sees the Belgian bank assume all of BNY Mellon Asset Servicing B.V.'s operations, which encompass asset servicing activities across London, Amsterdam, Breda, Luxembourg and Frankfurt and employ a total of 500 staff.
The Belgian bank was created to act as the lead European entity for the BNY Mellon's asset servicing activities. Following the merger, it will have assets of circa EUR36 billion, making it the sixth largest* bank in Belgium, and will employ approximately 1400 staff. It will have branches in the Netherlands, the United Kingdom, Germany and Luxembourg.
Nadine Chakar, CEO of the Belgian bank, said: "By merging our Dutch-based B.V. into our Belgian bank we have further aligned our various legal entity structures to support our growth strategy within the EMEA region.
"Our creation of a regional hub in Brussels gives us a financial, commercial and operational base that allows us to step up the ongoing expansion of our business across the region and consolidates our position as the leading provider of securities servicing globally. Our Belgian banking licence will also benefit us when it comes to future membership in European payment platforms."