BNY Mellon will enhance its securities capabilities in Brazil after the Brazilian Central Bank issued it with a commercial banking licence.
The licence, which was granted to the bank's Brazilian subsidiary BNY Mellon Banco, will initially offer custody services for non-resident investors and private equity funds, as well as deposit taking, collateral and agency services through its corporate trust business.
Gerald Hassell, chairman, president and CEO of BNY Mellon, said: “Brazil represents one of our most important strategic markets globally and our new banking license will significantly enhance our ability to meet the securities servicing needs of our clients.”
“We are confident that our commitment to Brazil will provide meaningful benefits to our clients, who value our financial strength, wide range of global services, and local expertise and experience,” added Hassell.
Zeca Oliveira, BNY Mellon’s country executive in Brazil and CEO of BNY Mellon Banco, said: “We have experienced outstanding growth in Brazil over the last decade and the new license reinforces our plans to continue to grow and invest in the country.”
