BEIJING, June 28 /PRNewswire-FirstCall/ -- BNY Mellon, the global leader in asset management and securities servicing, has been authorized by the China Banking Regulatory Commission (CBRC) to set up a banking branch in Beijing. BNY Mellon received a license for its Shanghai branch in 1999.
Larry Chen, previously chief representative of the Beijing Representative Office assumes the role of General Manager of the Beijing branch. The license allows BNY Mellon Beijing Branch to provide banking services to BNY Mellon's institutional clients and will broaden its range of local and global capabilities it can offer in China. BNY Mellon does not intend to provide any retail banking services.
BNY Mellon plans to expand its Beijing and Shanghai operations and increase its local employment in the future as it looks to build or acquire complementary local capabilities. The company currently has approximately 150 employees located in Shanghai and Beijing and plans to increase this by an additional 70 people over the next three years as its business grows.
"We believe China has a very exciting future and we intend to make significant investments in our on-the-ground resources to enable us to bring our world class solutions to Chinese institutions," said Christopher Sturdy, Chairman of Asia-Pacific, BNY Mellon. "Becoming a branch in Beijing is an important step in enhancing our services and achieving our vision to become one of the leading international financial services firms in China."
"The Chinese authorities have shown that they are serious about their goal of turning China into a leading force in the financial markets, approving a raft of measures that give investors more sophisticated investment options earlier this year," added Larry Chen. "Our commitment and increased investment in China reflects their ambitions. We have the solutions Chinese institutions are looking for to meet their goals of achieving positive returns within a transparent and efficient infrastructure which mitigates risk."
BNY Mellon has strong and historical relationships with banks in China having been active in the region for more than 90 years and opened its first office in mainland China in 1994. BNY Mellon's business was originally primarily focused around its treasury, trade and payments services. This has evolved today to include a wide variety of products and services including asset management, custody, fund administration, depositary receipts and foreign exchange.
BNY Mellon is listed on the New York Stock Exchange and has a market capitalization of US$37.5 billion (31 March 2010) making it the sixth largest bank by market capitalization in the United States. The company is also one of the strongest financial institutions globally, with the highest debt ratings of all major U.S. banks as ranked by both Moody's and S&P.
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 $22.4 trillion in assets under custody and administration, $1.1 trillion in assets under management, services $11.8 trillion in outstanding debt and processes global payments averaging $1.5 trillion per day. Learn more at www.bnymellon.com.
SOURCE The Bank of New York Mellon Corporation