BNY Mellon to strengthen investment consulting in Korea

BNY Mellon's New York office / Courtesy of BNY Mellon

By Lee Min-hyung

• Published Dec 13, 2021 5:02 PM KST
• Updated Dec 14, 2021 5:45 PM KST

By Lee Min-hyung

The American bank, The Bank of New York Mellon Corp., plans to focus more on consulting and other financial services in Korea, even after its recent decision to shut down its corporate trust operations here, the company said Monday.

Confirming the approval by the regulatory Financial Services Commission (FSC) to cancel the firm's corporate trust business license in Korea, BNY Mellon said that it will continue to strengthen its business portfolio and form a wider client base here for sustainable growth.

“While BNY Mellon returned its corporate trust license this time, the bank is actively expanding its business franchise into strategic focus areas, including investment management, asset servicing, treasury services and other investment solutions,” the company said in a statement.

BNY Mellon entered the Korean market back in 1988 and has since established a wide client base with Korean partners.

The decision came after Citibank Korea's decision to restructure heavily its consumer banking business here. The lender is still in the final phase of the partial shutdown of the business.

But BNY Mellon stressed that the closure of its corporate trust business is only part of its strategic decision to enhance its competitiveness in other sectors.

The company also pledged to continue fulfilling its corporate social responsibility (CSR) campaigns in the Korean market.

“We are also providing a mentoring program for local university students, nurturing future professionals for Korea's financial services sector,” the company said. “We have also continued to implement multiple community impact programs. We are honored to take part in the development of the financial services sector in Korea.”