The Bank of New York Mellon, a global asset management and securities servicing firm, has been licensed to set up a banking branch in Australia, with offices in Sydney and Melbourne. The Australian Prudential Regulation Authority (APRA) has authorised BNY Mellon to conduct banking business as a Foreign Authorised Deposit-taking Institution.
The licence allows BNY Mellon to provide banking services to its institutional clients and is expected to widen its range of local and global capabilities it can offer in Australia. Daniel McGrady, Country Executive for Australia, will continue to be located in Melbourne. BNY Mellon plans to expand its Melbourne and Sydney operations and increase its local employment in the future as it looks to build or acquire complementary local capabilities.
However, BNY Mellon has operations through a representative office in Australia since 1975.BNY Mellon has been active in Australia delivering a variety of asset management, payment, trustee, depositary receipt, clearing and global custody services to Australian banks, institutional investors, listed corporations and broker-dealers. The bank has reported that its recent advancements in its Australian business include: formation of a strategic alliance with Mortgage Settlements Australia Pty which allows BNY Mellon to provide a variety of mortgage related services to lenders and a launch of Ankura Capital Limited – BNY Mellon’s wholly-owned Australian-based investment management boutique, specialising in Australian equities.
Christopher Sturdy, Chairman of Asia Pacific at The Bank of New York Mellon, said: “This is an important step in enhancing our services for Australian clients and achieving our vision as one of the leading international financial services firms in Australia. Receiving this branch licence will take us to the next level.”
