ABN AMRO Mellon Global Securities Services has won a mandate to provide custody and accounting services to Kvaerner’s UK pension plan, representing assets of EUR1.8 billion. Mellon Financial Corporation has been appointed in a similar capacity for Kvaerner’s US plan.
Kvaerner is a Norwegian engineering company, employing over 35,000 staff across 30 countries. ABN Amro Mellon says Kvaerner elected to appoint the two banks on account of their multinational reporting capabilities.
Nadine Chakar, CEO of ABN AMRO Mellon said, “Sophisticated Multinationals such as Kvaerner are seeking new ways to control their global exposure to risk from pensions obligations and to manage asset liability,” says Nadine Chakar, CEO of ABN AMRO Mellon. “In choosing ABN AMRO Mellon, Kvaerner can rely on consistent reporting and performance measurement across the locations. We are delighted to welcome Kvaerner on board.”