STXNEWS LATAM-BNY Mellon gets Brazil banking license

Fri Nov 9, 2012 6:35am EST

BNY Mellon Corp has received government approval to operate as a bank in Brazil, a local newspaper reported Friday, citing Chief Executive Officer Gerald Hassell.

In the coming months, the world's largest custody bank will begin to add clearing and settlement services to the commercial banking and asset management services it already operates in Brazil, newspaper Valor Economico reported.

"We don't want to be a retail bank," Hassell told Valor in an interview. "We want to serve wholesale clients and offer services to investors."

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