BNY Mellon has received approval from the Irish Financial Regulator to establish a new bank licensed entity in Ireland.  

Known as The Bank of New York Mellon (Ireland) the creation of the new entity provides strategic growth opportunities for its business.  

The licence allows BNY Mellon to provide a wide range of banking services to its institutional clients and the broader market, and will also expand the range of capabilities it can offer from Ireland to local and global clients.  

In addition to his role as country executive for Ireland, Joe Duffy takes on the role of chief executive of the Irish bank. He will continue to be based in Dublin.

Duffy said: "Ireland is a leading financial services centre and as the Irish market has grown and matured, so we have evolved our capabilities. Ireland is a key element within BNY Mellon's European strategy: it is an investment destination for many of the world's most sophisticated institutional investors who, in turn, require the most sophisticated services to improve transparency, enhance efficiency, reduce costs and mitigate risk.  We are delighted to be able to extend our service offering from Ireland to our international clients to provide them with an even higher quality of local expertise and global servicing."

BNY Mellon opened its first office in Ireland in 1994. Since then, the services provided by the business have become core to the securities servicing business of BNY Mellon, with Ireland evolving as a major growth centre for the company's offshore fund business. It currently has over 1200 employees in Ireland, located in Dublin and Cork.

In 2004, BNY Mellon's presence in Ireland was strengthened through the establishment of Pershing Securities International Limited in Dublin.