BNY Mellon to provide custody services for Banco Nacional

Thursday, January 6, 2011

The Bank of New York Mellon (NYSE: BK) announced it has been tapped to provide Costa Rica's public sector Banco Nacional with global custody services on an investment portfolio of equities, fixed income and US treasury bonds worth US$800mn.

Michael Kalavritinos, BNY Mellon Asset Servicing's managing director, said that the bank has been providing treasury services to Banco Nacional - the largest bank in the Costa Rican market - since 2003 and that the Costa Rican bank serves as BNY Mellon's sub-custodian locally.

He added that the new agreement to provide custodial services represents an extension of that eight-year relationship, according to a press release from BNY Mellon.

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