BNY Mellon has been appointed by Nordea to provide custody services for its US debt and equity portfolios valued at over USD7 billion.
Nordea is the largest financial services group in Northern Europe by market capitalisation and has a leading position in corporate, institutional, retail and private banking. It is also the leading provider of life and pensions products to the Nordic and Baltic Sea region.
The Swedish-based company has an extensive distribution network with approximately 650 branches, call centres across the region and competitive online and mobile banking platforms.
Joakim Gustafson (pictured), head of product and network management at Nordea Bank, says: “Following a thorough review process that included site visits to US and EMEA locations for a short-list of qualified institutions, we selected BNY Mellon. We were impressed by their drive to ‘go the extra mile’ and ability to combine an impressive customer technology interface with a high-touch EMEA-US service model. Another crucial factor is that BNY Mellon has US market specialists available during the EMEA morning prior to the US market opening.”
“We look forward to expanding our existing relationship with Nordea, which is primarily with BNY Mellon Markets, to also include custody services,” adds Daron Pearce, CEO of asset servicing EMEA for BNY Mellon. “Nordea is among our most valued asset servicing relationships in the region and will be fully supported by our team in Copenhagen to ensure both timely and effective communication and solutions. We remain committed to further enhancing solutions for our Nordic clients, notably demonstrated by the biggest technology transformation in our history with NEXEN, our new open source, cloud-based technology platform. NEXEN will enable us to anticipate and deliver on client needs like never before.”
