BNY Mellon has been appointed by Swedish banking giant Nordea to provide custody services for its $7bn US debt and equity portfolios.

Nordea, largest financial services group in Northern Europe by market cap, has a strong position in corporate, institutional, retail and private banking.

It is also the top provider of life and pensions products to the Nordic and Baltic Sea region. 

Joakim Gustafson, head of product & network management at Nordea Bank, said he was impressed by BNY Mellon’s ability to combine a customer technology interface with a high-touch EMEA-US service model.

“Another crucial factor is that BNY Mellon has US market specialists available during the EMEA morning prior to the US market opening," he added.

Daron Pearce, chief executive of asset servicing in EMEA for BNY Mellon, said: “We look forward to expanding our existing relationship with Nordea, which is primarily with BNY Mellon Markets, to also include custody services,” adds 

“Nordea is among our most valued asset servicing relationships in the region and will be fully supported by our team in Copenhagen to ensure both timely and effective communication and solutions. 

“We remain committed to further enhancing solutions for our Nordic clients, notably demonstrated by the biggest technology transformation in our history with NEXEN, our new open source, cloud-based technology platform. NEXEN will enable us to anticipate and deliver on client needs like never before.”