The custodian further strengthens its Nordic foothold after recently opening a Copenhagen branch of its European Bank. “A small team” of employees from Nykredit will shift employers.
It is a well-established collaboration that will now be consolidated under one Danish roof. Since 2008, Nykredit has provided the depositary services, and BNY Mellon the custody services, for “a wide range of clients including several of the largest investors in Denmark,” according to the banks’ press release on their transfer.
“This investment is the latest step in BNY Mellon’s deliberate international growth strategy and commitment to the Nordic region,” BNY Mellon claims.
Nykredit is Denmark’s leading mortgage bank, sporting 330 billion DKK under management and 900 billion DKK under administration, as per 30 September 2020.
With its move, BNY Mellon seeks to “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,” it adds, promising that BNY Mellon and Nykredit will continue to work closely together also going forward.