Licence sought by Mellon
(7 July 2008 – Australia) US financial services firm, the Bank of New York Mellon has revealed that it will apply for a banking licence in Australia.
BNY Mellon is actively in the process of applying for a banking licence in Australia.
BNY Mellon senior executive vice-president Karen Peetz told The Australian newspaper that the bank has actually had early dialogue with regulators.
The expectation is that the bank will have a banking licence in Australia by early 2009.
Peetz explained the reasoning behind the decision to seek a licence in Australia. She said that the licence will allow the bank to take advantage of the upside of their clients' investments, sharing that benefit with them.
The bank has not planned to start retail banking operations in Australia. Instead, operations will be revolved around a commercial and wholesale business.
Peetz said the bank's growth strategy would be both organic and through acquisitions.
The bank is always looking for acquisitions, she added. Issuer services, asset servicing and asset management were the bank's main areas of interest. Peetz also said there were two possible targets in Australia.
BNY Mellon has been in Australia since 1983 with a focus on asset management, payments services and the debt market, through its corporate trust business.
BNY Mellon senior executive vice-president Karen Peetz told The Australian newspaper that the bank has actually had early dialogue with regulators.
The expectation is that the bank will have a banking licence in Australia by early 2009.
Peetz explained the reasoning behind the decision to seek a licence in Australia. She said that the licence will allow the bank to take advantage of the upside of their clients' investments, sharing that benefit with them.
The bank has not planned to start retail banking operations in Australia. Instead, operations will be revolved around a commercial and wholesale business.
Peetz said the bank's growth strategy would be both organic and through acquisitions.
The bank is always looking for acquisitions, she added. Issuer services, asset servicing and asset management were the bank's main areas of interest. Peetz also said there were two possible targets in Australia.
BNY Mellon has been in Australia since 1983 with a focus on asset management, payments services and the debt market, through its corporate trust business.
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