Tánaiste welcomes announcement by BNY Mellon to establish new Bank Licensed entity in Ireland

BNY Mellon’s announcement a significant addition to Financial Services Sector

Dublin, The Tánaiste and Minister for Enterprise, Trade and Employment, Mary Coughlan TD, today, (Thursday October 29^th) welcomed the announcement by BNY Mellon, one of the largest US financial institutions, that it has secured approval from the Financial Regulator to establish a new bank licensed entity in Ireland.

Commenting on the announcement, the Tánaiste said: ‘This is a significant addition to Ireland’s financial services sector. BNY Mellon already employs over 1,200 in Dublin and Cork and this announcement will further add to the range of activities carried out by the company in Ireland. ‘

‘The availability of a skilled workforce in Ireland has been a key factor in attracting investments from the International Financial Services Sector and today’s announcement reinforces the Government’s dedication to developing Ireland’s Smart Economy,’ theTánaiste concluded.

IDA CEO Barry O’Leary said, ‘BNY Mellon is a globally recognised and respected institution and today’s announcement is a further endorsement of Ireland’s position as a leading location for international banking activity. The addition of this banking licence has the potential to attract further key activities to Ireland.’

The company says the creation of Bank of New York Mellon (Ireland) further embeds the company’s operations in Ireland and also provides growth opportunities for its business.

The institution says the new licence will allow it provide a wide range of banking services to its clients and the broader market and will also expand the range of capabilities it can offer from Ireland to local and global clients.

Since it opened its first office here in 1994, the Irish operations have become core to the securities servicing business of BNY Mellon, with Ireland becoming a major growth centre for its offshore fund business.

The current country executive for Ireland, Joe Duffy, will also take on the role of CEO of the new Irish bank.

BNY Mellon is listed on Wall Street and has a market capitalisation of $34.9 billion, making it the ninth largest bank by market capitalisation in the US.

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For further information please contact:

IDA Ireland –Thomas McEvoy, Press and PR Manager,

Tel: + 353 (0) 1 603 4255, Mob: +353 (0) 87 7426684

Antoinette Tyrrell, Press Officer,

Tel: +353 (0)1 603 4256, Mob: +353 (0) 87 7572053

Department of Enterprise, Trade and Employment –

Press Office, Roisin McCann Tel: 01 631 2222

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