HONG KONG, November 24, 2015 – BNY Mellon, a global leader in investment management and investment services, has been appointed by the National Bank of Cambodia (NBC) to manage its growing foreign reserves. BNY Mellon will provide global custody and a suite of fund administration services to NBC as part of this new relationship.
National Bank of Cambodia is the nation's central bank as well as the monetary and supervisory authority. With a mission to determine and direct monetary policy, NBC is also the sole issuer of the Khmer riel, the national currency, and hence is responsible to help maintain monetary stability.
"After a rigorous selection process, the NBC believes that BNY Mellon's custodian service meets all our stringent criteria and is deemed to be one of the safest custodians available for our foreign reserve's asset," said H.E. Chea Serey, Director General at National Bank of Cambodia. "BNY Mellon is an established bank with a long history of conservative banking, consistently high credit ratings and very specialized asset servicing - strong credentials that give NBC the assurance and conviction that BNY Mellon would be the most suitable global custodian of our foreign reserves."
Michael Chan, Head of Asset Servicing for Asia Pacific at BNY Mellon said, "This appointment underscores our expertise and global leadership in asset servicing with a deep history and understanding of Asia Pacific. Following a rigorous and thorough mutual assessment, we look forward to supporting NBC on their foreign reserves management needs as the nation continues to advance its position as one of the world's top ranking countries by GDP growth."
Chan added, “BNY Mellon is honored at the opportunity to service NBC. Our company’s strong credentials coupled with a service model dedicated for central banks, sovereign wealth funds, government pensions and entities, is the reason why BNY Mellon was chosen as a partner by this extremely prominent segment worldwide.”
BNY Mellon's Asset Servicing business supports institutional investors in today's fast-evolving markets, safeguarding assets and enhancing the management and administration of client investments through services that process, monitor and measure data from around the world. We leverage our global footprint and local expertise to deliver insight and solutions across every stage of the investment lifecycle.
Notes to the Editor:
BNY Mellon has maintained a valued presence in Asia Pacific for over 100 years, operating in 16 offices across 12 Asia Pacific countries. Services across the investment lifecycle offered in Asia Pacific include asset servicing, investment management, broker-dealer services, collateral management, securities finance, foreign exchange, depositary receipts, corporate trust and treasury services.
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of Sept. 30, 2015, BNY Mellon had $28.5 trillion in assets under custody and/or administration, and $1.6 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.