Bank of New York Mellon has finally been granted the banking licence necessary for it to set up a branch in Australia operating out of Sydney.
The big US-based global banking group announced its intention to pursue the banking licence in Australia last year and announced this week that the facility had been granted by the Australian Prudential Regulation Authority.
The licence allows the group to provide banking services to institutional clients, with country executive in Australia Daniel McGrady saying it would allow BNY Mellon to broaden its range of local and global capabilities on offer in Australia.
He made clear, however, that the group did not intend to provide any retail banking facilities in Australia.
McGrady said the licence would allow BNY Mellon to take its offerings to the next level in Australia.
