Bank of New York Mellon (BNY Mellon) is aiming over 60% growth for assets in Brazil custody business in 2015.
As part of the bank’s new target, its amount would be raised from BRL 60bn to nearly BRL100bn by next year end, said Adriano Koelle, BNY Mellon’s chairman for Latin America division.
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BNY Mellon begun the custody business in 2012 following approval from the country’s central bank, and is presently offering the service for almost 800 funds now, reports Bloomberg.
The service is currently adding 40 to 50 funds per month.
Carlos Augusto Salamonde, managing director for asset servicing in Latin America, stated: "The new funds will give more comfort to the bank as settlement risk will increase."
He added that the the bank is yet to secure the go ahead for the new capital from regulatory bodies, which is expected in the first quarter.
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By GlobalDataBNY Mellon also offers administration and settlement services in Brazil, apart from the custody business, and has assets worth BRL 200bn.
