Nykredit, one of Denmark’s leading financial services companies, has transferred its depositary business to BNY Mellon.
This investment is the latest step in BNY Mellon’s deliberate international growth strategy and commitment to the Nordic region. It follows the recent opening of a branch in Copenhagen, deepening alliances with regional technology providers, and is another milestone in BNY Mellon’s clear focus on delivering choice and a best in class client experience.
Working together since 2008, BNY Mellon has provided custody, and Nykredit depositary services, to a wide range of clients including several of the largest investors in Denmark.
With the depositary business of Nykredit becoming part of the BNY Mellon organisation, BNY Mellon will, subject to regulatory approval, be able to provide depositary services directly to clients in Denmark looking for strong local expertise and global capabilities. BNY Mellon offers the scale, technological resources and commitment needed to meet the increasing regulatory requirements faced by clients, while ensuring the depositary services business remains efficient and effective into the future. BNY Mellon and Nykredit will continue to work closely together in order to provide clients with leading investment services.
“BNY Mellon recently opened a new branch in Copenhagen and the addition of the depositary business of one of Denmark’s leading banks underlines our ambitious growth strategy in the region. We have a deep and longstanding relationship with Nykredit and look forward to expanding the value we add to asset owners and managers in the Nordic region with our breadth of experience, technological infrastructure and digital and data expertise,” says Leonique van Houwelingen, CEO of BNY Mellon’s European Bank.
“BNY Mellon has provided our clients with custody and value added services for several decades and our clients already benefit from BNY Mellon’s expertise and global capabilities. The scale and complexity of regulatory and clients’ demands are increasing, and with the transfer of our depositary services business to BNY Mellon we will be able to meet those demands more efficiently. Therefore, we have decided to divest and cement our partnership with BNY Mellon with this agreement. We are excited to continue providing our clients with leading investment servicing and data solutions,” says Martin Udbye Madsen, CEO of Nykredit Portfolio Administration.
As a part of the agreement, a small team of employees will transfer to BNY Mellon. The team has already worked closely with BNY Mellon for many years.
BNY Mellon’s European Bank has branches in Belgium, Denmark, France, Germany, Ireland, Italy, Luxembourg and the Netherlands and works with a wide range of asset managers, insurance companies, financial institutions, pension funds and other clients throughout Europe, offering asset servicing and ancillary services, corporate trust, markets and clearing and collateral management services.
