BNY Mellon, the global leader in asset management and securities servicing, celebrated its 40th anniversary in Taiwan this week (8-12 November) with client and employee events that marked the company's history of innovation and stability.
BNY Mellon, which last year celebrated its 225th anniversary and has its head office at One Wall Street in New York, opened its first office in Taipei via the Irving Trust Company (which merged with BNY in 1988) and was granted a branch license in 1973. The company provides a wide variety of products and services to Taiwanese institutions including Treasury Services, Asset Servicing, Depositary Receipts and Foreign Exchange services.
"Our company has a remarkable and unique history. As the oldest bank in the United States, ours is a story of innovation and change, and also an example of the power of continuity," said Christopher Sturdy, Chairman, Asia-Pacific, BNY Mellon. "We are very proud of our achievements in Taiwan over the last 40 years and we look forward to continuing to support our people, clients and communities here in Taiwan, tomorrow and beyond."
"Looking to the future, Taiwan continues to be a dynamic market and is a strategically important location within our Asia network, with its geographical proximity to China and other North East Asia regions such as Japan and Korea," added James Liu, BNY Mellon's Country Executive for Taiwan. "We see tremendous growth opportunities for all of our services, and expect revenue compound annual growth rates (CAGR) to exceed 25% by the end of 2010, with similar growth forecast for 2011."
"Now the ink is dry on the Economic Cooperation Framework Agreement (ECFA) between Taiwan and China, there is 'China Fever' in the financial services industry with everyone noting China expansion as their number one priority," said BNY Mellon's Liu. "Our treasury services team is working closely with a broad range of Taiwanese banks to assist them during the branch application processes and provide global payments and trade finance services once they have set up a foreign currency capability. We see treasury services as a major engine of growth for our business over the next three years."
BNY Mellon is listed on the New York Stock Exchange and has a market capitalization of US$32.4 billion (30 September 2010) making it the sixth largest bank by market capitalization in the United States. The company is also one of the strongest financial institutions globally, with the highest debt ratings of all major U.S. banks as ranked by both Moody's and S&P.