Denmark-based financial services company Nykredit is transferring its depositary business to BNY Mellon, enhancing their long standing alliance that has been in place since 2008.
This investment is the latest step in BNY Mellon’s international growth strategy and commitment to the Nordic region and follows on from the recent opening of a branch in Copenhagen, deepening alliances with regional technology providers.
With the depositary business of Nykredit becoming part of the BNY Mellon organisation, the bank is set to provide depositary services directly to clients in Denmark.
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 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,” says Martin Udbye Madsen, CEO of Nykredit Portfolio Administration.
According to Madsen, the scale and complexity of regulatory and clients’ demands are increasing, and with the transfer of depositary services business to BNY Mellon Nykredit will be able to meet demands more efficiently.
Leonique van Houwelingen, CEO of BNY Mellon’s European Bank, adds: “We have a deep and long standing 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.”
