Company says Korea is key to future growth
SEOUL, 22 June 2011 — BNY Mellon, the global leader in investment management and investment servicing, has announced plans to relocate its Korean headquarters to the International Finance Centre (IFC) Seoul. The move, which will bring all of the company's businesses into one location, will take place in early 2012.
Overlooking the Han River, IFC Seoul is a new major mixed-use complex and is being developed by AIG Global Real Estate. The project is a key component in the Seoul Metropolitan Government's plan to rejuvenate the Yeouido area and to position the area as a regional international financial centre.
BNY Mellon has signed a lease to take the 29th floor in Tower 1, which comprises 1,531.8 sq m (16,482 sq ft) of space. The facilities will include a dedicated lobby reception, videoconference rooms, and world class workstations and offices.
"This move marks the beginning of an exciting new chapter for BNY Mellon in Korea. We are thrilled to be moving to IFC Seoul which will provide a vibrant and world class working environment for our employees," said Steve Lackey, Chairman of Asia-Pacific, BNY Mellon. "Korea is an important market for us and we will continue to add the best people, products and services to ensure our clients get the edge they need in this competitive global marketplace."
BNY Mellon opened its branch in Seoul through acquisition of the Irving Trust Company in 1989 (Continental Illinois National Bank and Trust Company, which was operating in Seoul since 1971, had been acquired by Irving Trust Company in 1988). The company opened an asset management representative office in 2006 and in June 2010, received approval from the Financial Services Commission (FSC) for a Discretionary Investment Management (DIM) license*. BNY Mellon provides a wide variety of products and services to Korean institutions including asset management, asset servicing, depositary receipts, treasury services, corporate trust and foreign exchange services.
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.
* BNY Mellon AM Korea Limited