BNY Mellon Asset Servicing Appointed by Hungary's MKB Bank to Provide Global Custody Services

Jan 05, 2010, 05:08 ET from BNY Mellon Asset Servicing

LONDON, Jan. 5 /PRNewswire-FirstCall/ -- BNY Mellon Asset Servicing, the global leader in securities servicing, has been selected by MKB Bank Zrt. (MKB) as global custodian for more than EUR725 million ($1 billion) in assets across 20 markets.

One of the premier universal banks in Hungary, MKB is a leading local securities servicing provider with a particularly strong track record in supporting the Hungarian pension fund industry. In addition to a high proportion of pension fund assets, MKB's foreign portfolio consists of a cross-section of Hungarian-domiciled mutual funds, insurance assets, and retail customers.

Zsuzsanna Bereczki, Managing Director responsible for treasury and asset management at MKB Bank, said the appointment will allow MKB to combine its local expertise with BNY Mellon's global capabilities in order to deliver a truly global securities servicing offering to Hungary's investment community.

Bereczki added: "We were looking for a provider that would allow us to expand our custody network and access a broader range of services while enhancing the scope of custody-related value added products we can offer to our clients. With its commitment to long-term partnership, BNY Mellon will play a key role in our successful implementation of that two-pronged strategy."

Nadine Chakar, Executive Vice President and Head of Europe, Middle East & Africa (EMEA) at BNY Mellon Asset Servicing, said: "Expectations around the future growth and influence of the Hungarian market are high, and as a leading local player MKB is extremely well-placed to benefit from those trends. It is a great credit to the commitment and creativity within our team that MKB has chosen BNY Mellon as its global custodian and we look forward to working closely with the bank to help it meet its long-term goals."

Notes to editors

BNY Mellon Asset Servicing offers clients worldwide a broad spectrum of specialized asset servicing capabilities, including custody and fund services, securities lending, performance and analytics, and execution services.

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $22.1 trillion in assets under custody and administration and $966 billion in assets under management, services $11.9 trillion in outstanding debt and processes global payments averaging $1.6 trillion per day. Additional information is available at www.bnymellon.com

About MKB Bank

Operating since 1950, MKB Bank is one of the oldest members of the Hungarian bank system and the fourth largest financial institution on the domestic market on the basis of its balance sheet total. Being the defining member of the BayernLB Group in the CEE region, MKB targets the most considerable domestic and multinational companies, quality medium size companies with perspective, the upper and middle retail customer segments and small enterprises with its financial products and services.

SOURCE BNY Mellon Asset Servicing



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