New York Mellon launches Dubai operations

REGIONAL EXPANSION: Bank of New York Mellon has launched operations in the DIFC. (Getty Images)

Global financial services provider Bank of New York Mellon Corp has launched operations in the Dubai International Financial Centre (DIFC) in a bid to tap massive liquidity in the region.

The firm has been granted a licence from the Dubai Financial Services Authority (DFSA) to operate from the DIFC, a move the company said would offer investors better access to global capital markets.

Gerald Hassell, president of Bank of New York Mellon, said in a statement on Sunday the growth potential of the region was “significant”.

“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,” Hassell said.

Bank of New York Mellon has more than $23 trillion in assets under custody and administration, over $1.1 trillion in assets under managemen,t and services $12 trillion in outstanding debt.

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