Renewal will be welcomed by State Street as it retains servicing contract for almost $250 billion in assets.
Bank earns global custody mandate after onboarding Korean insurance company and providing it with access to the Chinese market.
Bank maintains that its securities services business including custody services will not be affected by the deal.
Korea has become a key part of BNY Mellon’s APAC strategy after it won a global custody mandate from the National Pension Service of Korea in late-2018.
NPS extended its back-office mandate for their global equities portfolio with State Street to also include the middle-office.
The completion of the onboarding process comes just three months after NPS agreed to the deal with BNY Mellon.
BNY Mellon, State Street reportedly set to open new Korean office to align with $570 billion pension fund
Both banks signed a global custody mandate with Korea's NPS last year, which the pension fund hopes the banks can help it tap deeper into new asset classes.