Bank of New York Mellon (BK) Awarded License To Set Up Banking Branches in Australia
The Bank of New York Mellon (NYSE: BK) has been licensed to set up a banking branch in Australia, with offices in Sydney and Melbourne. BNY Mellon, which has operated through a representative office in Australia since 1975, does not intend to provide any retail banking services. The license, authorized by the Australian Prudential Regulation Authority (APRA), permits BNY Mellon to conduct banking business as a Foreign Authorized Deposit-taking Institution under the Banking Act 1959.
BNY Mellon will provide banking services to its institutional clients and also broaden its range of local and global capabilities it can offer in Australia. Plans include expanding its Melbourne and Sydney operations and increasing its local employment in the future as it looks to build or acquire complementary local capabilities. [SM]
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