BNY Mellon Asset Servicing has been selected by Banco Central de Uruguay as global custodian for its $4.5 billion portfolio.
In addition, BNY Mellon Asset Servicing will provide investment accounting, performance and risk analytics, and securities lending services.
“We are pleased that we are able to provide the full range of asset servicing solutions that Banco Central requires. It has become increasingly important to be able to go beyond traditional custody and deliver supplemental services such as performance and risk analytics. The Bank of New York Mellon has developed a unique leadership position in providing those value-added services to clients worldwide,” says Patrick E. Curtin, executive vice president of BNY Mellon Asset Servicing and head of US Asset Services.
Banco Central was created in 1967 by the 196th article of the Repblica Oriental del Uruguay’s Constitution, and it has the legal nature of “Ente autnomo”, or a state autonomous entity. On 6 July 1967, the law 13594 established the institution as Banco Central del Uruguay (BCU). Before the creation of the BCU, the Issuing Department of the Banco de la Repblica Oriental del Uruguay was in charge of issuing currency, managing the monetary regime and supervising and monitoring the banking system, as it was established by its charter.
BNY Mellon Asset Servicing offers clients worldwide range of specialised asset servicing capabilities, including custody and fund services, securities lending, performance and analytics, and execution services. BNY Mellon Asset Servicing provides services through The Bank of New York, Mellon Bank, N.A. and other related companies.