BNY Mellon has been selected by Israeli insurance company Clal Insurance to provide global custody and cash management services for its assets, totalling over $7 billion.
As part of the mandate, BNY Mellon will also provide foreign exchange and institutional accounting services.
Based in Tel Aviv, Clal Insurance offers life and non-life insurance, health insurance and pension fund services for both private and corporate clients.
According to Anath Levin, executive vice president and head of the finance, investments and credit division at Clal Insurance, the mandate was based on the quality of BNY Mellon’s service offering and it’s established market presence. BNY Mellon has been active in the Israeli market for over 50 years.
Levin said: “Working with BNY Mellon will help us achieve our ultimate goal, which is to increase our operational efficiencies and improve our competitiveness within the Israeli market.”
Christopher Porter, managing director and regional executive for Israel at BNY Mellon, said: “Israeli financial services companies are growing their portfolios and expanding their foreign asset allocation.”
He added: “This trend is being driven by the growth of Israel’s dynamic export-led economy, which is supported by its world-renowned high-tech and life science industries. BNY Mellon is seeing significant growth in assets under custody and management in Israel and we are working with our clients to support them with evermore sophisticated solutions for their global assets.”
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