LUXEMBOURG - ABN Amro Mellon Global Securities Services is to open an office in Luxemburg by the end of the second quarter of 2005, says chief executive Nadine Chakar.
She made the announcement at a recent conference organised by firm, a joint venture between ABN Amro and Mellon Financial Corp. It would also open an office in Singapore.
She also said that ABN Amro pulled out from the Dutch custody business in 2004 to be replaced by ABN Amro Mellon.
“After a period of thorough review of the network opportunities and choices available to us in the Dutch market, I am pleased to announce that ABN Amro Mellon will replace ABN Amro in the Dutch custody market," Chakar said.
This arm would be operational by the third quarter of this year.
“We are absolutely focused on global custody. We also understand, however, that local custody in key markets offer significant benefits to our clients,” Chakar said.
She pointed out that ABN Amro Mellon already performs these functions in-house in the UK and Ireland, Canada and the US.
Last month ABN Amro Mellon named John Gout as senior sales manager for Benelux. He was previously sales manager for Europe at Northern Trust.