One of the largest US financial institutions operating in the Republic, BNY Mellon, has secured approval from the Financial Regulator to establish a new bank licensed entity in Ireland.
The company says the creation of the Bank of New York Mellon (Ireland) reinforces its commitment to Ireland and also provides growth opportunities for its business.
The institution says the new licence will allow it provide a wide range of banking services to its clients and the broader market and will also expand the range of capabilities it can offer from Ireland to local and global clients.
BNY Mellon already employs over 1,200 in Dublin and Cork. Since it opened its first office here in 1994, the Irish operations have become core to the securities servicing business of BNY Mellon, with Ireland becoming a major growth centre for its offshore fund business.
The current country executive for Ireland, Joe Duffy, will also take on the role of CEO of the new Irish bank.
'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,' commented Mr Duffy.
It is believed that any new posts in the bank will be filled internally from BNY Mellon's existing Irish workforce.
BNY Mellon is listed on Wall Street and has a market capitalisation of $34.9 billion, making it the ninth largest bank by market capitalisation in the US.
