BNY Mellon Broker-Dealer Services will provide collateral management of US$ 500 million of deposits for Aspire Defence Limited, a joint venture between Carillion and KBR, helping to secure a project delivering improved facilities and services for the British Army.
Aspire Defence is delivering Project Allenby/Connaught which hopes to improve the quality of life for nearly 19,000 soldiers, by modernising working and living accommodation.
We were chosen for this deal due to our flexibility, expertise and ability to deliver timely results on complex collateral requirements, said Art Certosimo, senior executive vice president and chief executive officer of BNY Mellon Broker-Dealer Services and BNY Mellon Alternative Investment Services. It highlights our ability to tailor our capabilities to the unique needs of Aspire Defence, helping them to continue to deliver a flagship project and move forward on improving services for the British Army.
The tri-party deal tailored specifically for Aspire Defence allows the company to continue to support the British Army. Angus McColl, Finance Director at Aspire Defence Limited said: We are extremely pleased to have BNY Mellon on board to ensure our substantial deposits are fully collateralized given the recent financial turmoil. Our stakeholders can be rest assured cash earmarked to finance the delivery of improved facilities for our soldiers is safe, secure and in highly professional hands.