BNY Mellon granted Irish banking licence

Asset management and securities servicing firm BNY Mellon has received approval from the Irish Financial Regulator to establish a new banking entity in Ireland, it was announced today.

The licence allows BNY Mellon to provide a wide range of banking services to its institutional clients and the broader market, and will also expand the range of capabilities it can offer from Ireland to local and global clients.

In addition to his role as country executive for Ireland, Joe Duffy takes on the role of CEO of the Irish bank. He will continue to be based in Dublin.

Tim Keaney, chairman of Europe at BNY Mellon, said: "This is an important step in enhancing the services we offer from Ireland and in achieving our vision as one of the leading international financial services firms in the marketplace.

"At a time when some international banks are scaling back their investments, we are moving forward to build our presence in important markets such as Ireland. Receiving this bank licence will allow us to step up to the next level and we are very excited about our future plans here."

Duffy added: "Ireland is a leading financial services centre and as the Irish market has grown and matured, so we have evolved our capabilities.

"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.

"We are delighted to be able to extend our service offering from Ireland to our international clients to provide them with an even higher quality of local expertise and global servicing."

BNY Mellon opened its first office in Ireland in 1994. It currently has more than 1,200 employees in Ireland, located in Dublin and Cork.