BNY Mellon, a securities servicing and asset management firm, has received all the required regulatory approvals for 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.
Reportedly, the merger sees the Belgian bank assume all of BNY Mellon Asset Servicing’s operations, which encompass asset servicing activities across London, Amsterdam, Breda, Luxembourg and Frankfurt, and employ a total of 500 staff.
The bank has said that the Belgian bank was created to act as a European entity for the BNY Mellon’s asset servicing activities. Following the merger, it will have assets of circa E36 billion and will employ approximately 1400 staff. Additionally, it will have branches in the Netherlands, the UK, Germany and Luxembourg.
Nadine Chakar, CEO of the Belgian bank, said: "By merging our Dutch-based 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,” he added.
