The Bank of New York Mellon Corporation has been granted a Category 4 license by the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM). This license allows BNY Mellon to offer a broader range of products and services to clients within the ADGM.
The expanded offerings will include arranging custody, acting as administrator of collective investment funds (including fund accounting and transfer agency services), arranging credit, and arranging deals in investments. This move significantly enhances BNY Mellon's capabilities and presence in the Middle East.
Hani Kablawi, Head of International at BNY Mellon, stated that this growth reflects BNY Mellon's commitment to supporting clients in navigating evolving operating requirements and driving growth in the region. BNY Mellon has operated in the UAE for over 26 years, and this expansion reinforces its role in developing the Gulf Cooperation Council's capital markets landscape.
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