Caleb Shih to be appointed as General Manager of the Beijing Branch subject to regulatory approval
Company steadily strengthening RMB capabilities
BEIJING, 16 June 2011 — BNY Mellon, a global leader in investment management and investment servicing, has appointed Sunny (Xiao-Xia) Sun as Head of Global Client Management in China. In this newly created position, Sun will report into Eleni Wang, Head of Global Client Management for Asia-Pacific, and will focus on delivering the whole firm and ensuring Chinese clients have greater awareness and access to the company's leading capabilities across a broad array of investor servicing and investment management solutions.
Sun, based in Beijing, joined BNY Mellon in 1998 and became a Relationship Manager in the Corporate Banking division in New York in 1999, followed by China Country Desk Officer in the Asia-Pacific division. In 2003, Sun was appointed as Deputy Representative of BNY Mellon’s Beijing Representative Office (now a branch) and relocated to China.
Caleb Shih, a 17-year veteran of BNY Mellon and currently in the Depositary Receipts department of the Shanghai branch, will be joining Global Client Management as a Client Executive, also reporting to Wang. Shih has been nominated by the company to be the General Manager of the Beijing branch, subject to regulatory approval. Shih will be relocating from Shanghai to Beijing. In this key role, Shih will manage client relationships and be responsible for overseeing the branch and BNY Mellon’s relationships with local regulators in Beijing. Larry Chen will be leaving the organisation to pursue other interests.
“China is the world's second largest economy and expanding broadly,” observed Steve Lackey, Chairman of Asia-Pacific, BNY Mellon. “Building a strong business here is intrinsic to our future growth and there are many areas where further collaboration between BNY Mellon and Chinese financial institutions can bring great mutual benefit.”
BNY Mellon cites renminbi (RMB) capability as a major focus area of investment for the company in China, a move in response to the growing internationalization of China's currency and increasing client demand in China and across Asia.
“We are very focused on leveraging our world class foreign exchange and payments franchise to become a leader in the RMB space, and we are investing heavily to provide our clients with a full suite of RMB capabilities,” added Lackey.
In February 2011, the China Banking Regulatory Commission (CBRC) granted BNY Mellon a license to conduct local currency business in China. The company’s Shanghai branch began offering RMB foreign exchange (FX) and money market services in April 2011, and BNY Mellon also recently began offering offshore RMB settlement services to corporate clients in Hong Kong.
In June 2010, the CBRC authorized BNY Mellon to set up a banking branch in Beijing, and in July 2010, the China Securities Regulatory Commission (CSRC) authorized BNY Mellon and Western Securities to establish a joint venture fund management company in China, known as BNY Mellon Western Fund Management Company Limited.
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$37.1 billion (31 March 2011) 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 a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team. It has $25.5 trillion in assets under custody and administration and $1.2 trillion in assets under management, services $11.9 trillion in outstanding debt and processes global payments averaging $1.7 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. Additional information is available at www.bnymellon.com.