BNY Mellons Brazilian subsidiary BNY Mellon Banco has received a commercial banking license from the Brazilian Central Bank.
The commercial banking license will enhance the company’s securities servicing capabilities in the country. With the new license, BNY Mellon will initially offer custody services for non-resident investors and private equity funds, as well as deposit-taking, collateral and agency services through its Corporate Trust business.
“We have experienced outstanding growth in Brazil over the last decade and the new license reinforces our plans to continue to grow and invest in the country,” said Zeca Oliveira, BNY Mellon’s country executive in Brazil and CEO of the newly formed BNY Mellon Banco S.A.
BNY Mellon offers asset management, asset servicing, wealth management, depositary receipts, treasury services, and corporate trust services to the Brazilian market. It has more than $11 billion in assets under management, about $92 billion in assets under administration and 69% market share of Brazilian DR programs.
(JDC)