BNY Mellon has promoted Paul Farrell to head of sales and relationship management for corporate trust in the Middle East and North Africa (MENA) region.
Farrell has worked for BNY Mellon’s corporate trust business for 10 years, most recently heading up the new business implementation team in Dublin.
In his new role, Farrell will oversee the corporate trust relationships across offices in Abu Dhabi, Beirut, Cairo, Dubai, and Istanbul.
He will be based in Dubai and will report to Aidan Canny, managing director of regional markets and investment managers for corporate trust in Europe, Middle East and Africa.
Farrell will replace Brian Hoey who has moved to BNY Mellon’s Global Client Management team in London.
Tom Ahern, head of corporate trust for EMEA at BNY Mellon, explained Farrell’s understanding of the regional fiduciary infrastructure will strengthen the firm’s presence in the Middle east, where BNY Mellon has been serving clients for nearly a century.
“It’s a dynamic market and we are seeing a number of exciting opportunities in debt-funded public projects and Islamic finance instruments.
“While at the same time, the extended period of relatively lower oil prices is triggering new long-term funding opportunities from alternative sources,” he said.