BNY Mellon appointed by MKB Bank
BNY Mellon Asset Servicing, has been selected by MKB Bank Zrt. (MKB) as global custodian for more than EUR725 million ($1 billion) in assets across 20 markets.
One of the premier universal banks in Hungary, MKB is a leading local securities servicing provider with a particularly strong track record in supporting the Hungarian pension fund industry. In addition to a high proportion of pension fund assets, MKB's foreign portfolio consists of a cross-section of Hungarian-domiciled mutual funds, insurance assets, and retail customers. Zsuzsanna Bereczki, Managing Director responsible for treasury and asset management at MKB Bank, said the appointment will allow MKB to combine its local expertise with BNY Mellon's global capabilities in order to deliver a truly global securities servicing offering to Hungary's investment community. Bereczki added: "We were looking for a provider that would allow us to expand our custody network and access a broader range of services while enhancing the scope of custody-related value added products we can offer to our clients. With its commitment to long-term partnership, BNY Mellon will play a key role in our successful implementation of that two-pronged strategy." Nadine Chakar, Executive Vice President and Head of Europe, Middle East & Africa (EMEA) at BNY Mellon Asset Servicing, said: "Expectations around the future growth and influence of the Hungarian market are high, and as a leading local player MKB is extremely well-placed to benefit from those trends. It is a great credit to the commitment and creativity within our team that MKB has chosen BNY Mellon as its global custodian and we look forward to working closely with the bank to help it meet its long-term goals."