30 June 2008

The Bank of New York Mellon Awarded Licence to Operate from DIFC

The Bank of New York Mellon, a global leader in securities servicing and asset management, has announced the expansion of its business and the opening of an office in the Dubai International Financial Centre (DIFC).

The opening of the DIFC office is a significant commitment from The Bank of New York Mellon to the development of its business in the Middle East and Africa, and follows the granting of a licence from the Dubai Financial Services Authority (DFSA) to operate from the Dubai International Financial Centre (DIFC).

The Bank of New York Mellon has relationships in the Middle East dating back to the early 1900s and will conduct business through its Dubai International Financial Centre branch and its regional representative offices in Abu Dhabi, Beirut, Cairo, Istanbul and Johannesburg.  In addition to being the global leader in asset servicing, The Bank of New York Mellon is one of the largest asset managers, treasury services providers and depositary receipt banks both regionally and globally.

"This is an important enhancement of our ability to serve our clients in the region," said Gerald Hassell, President of The Bank of New York Mellon. "The DIFC is the recognised hub for financial services in the Middle East, and being there means that we are well placed to achieve our growth aspirations."

HE Dr. Omar Bin Sulaiman, Governor of DIFC said: "As a leading global financial institution, the Bank of New York Mellon will add value to the pool of resources in the DIFC community. By basing themselves in DIFC, the  company has a productive platform to further tap a regional financial market that is growing rapidly in size and sophistication. The environment provided by DIFC offers the highest standards of integrity, transparency and efficiency necessary for a global financial service provider like the Bank of New York Mellon to grow its business."

Commenting on the new opening, Hani Kablawi, Managing Director of The Bank of New York Mellon, said: "We have been serving clients in the region for almost one hundred years, and our move to the DIFC will enable us to further expand our business and provide better support to our network of offices in the region. The growth potential of this region is significant and The Bank of New York Mellon is well placed to help local financial institutions get better access to the global capital markets."