Following the granting of a licence from the Dubai Financial Services Authority (DFSA) to operate from the DIFC, the new office represents a further significant commitment by The Bank of New York Mellon to its business in the Middle East and Africa. Its relationships in the Middle East date back to the early 1900s. Business will be conducted business through its DIFC branch and its regional representative offices in Abu Dhabi, Beirut, Cairo, Istanbul and Johannesburg.

In addition to being the global leader in asset servicing, The Bank of New York Mellon is one of the largest asset managers, treasury services providers and depositary receipt banks both regionally and globally.

"This is an important enhancement of our ability to serve our clients in the region," said Gerald Hassell, President of The Bank of New York Mellon. "The DIFC is the recognised hub for financial services in the Middle East, and being there means that we are well placed to achieve our growth aspirations."

Commenting on the new opening, Hani Kablawi, Managing Director, Head of Middle East & Africa at The Bank of New York Mellon and Senior Executive Officer of the DIFC office, said: "We have been serving clients in the region for almost one hundred years, and our move to the DIFC will enable us to further expand our business and provide better support to our network of offices in the region. The growth potential of this region is significant and The Bank of New York Mellon is well placed to help local and regional financial institutions and institutional investors get better access to the global capital markets."

"We are thrilled that The Bank of New York Mellon is to operate from the DIFC under a licence from the DFSA," said Dr. Omar Bin Sulaiman, Director General of DIFC. "The Bank of New York Mellon is, without doubt, one of the leading and most well respected names in global financial services and its decision to base its Middle East operations at the DIFC is a ringing endorsement of the centre and our goal to become the de facto hub for financial services in the region."