BNY Mellon, the global leader in asset management and securities servicing, and the leading depositary bank in Egypt and the Middle East, is furthering its strategic partnerships in Cairo with a special visit by Vice Chairman James Palermo. Mr. Palermo spent the day in Egypt in an effort to boost relationships in the region and BNY Mellon's strong presence in Egypt.
"Egypt is one of the key strategic markets that are revealing continuous development as a global leader in asset management and security services. I believe that the country has a huge potential for further growth and we, at BNY Mellon, are happy to witness this movement and we are looking forward to maintain and strengthen our long standing relationship through our upcoming activities" Mr. Palermo says. According to him, BNY Mellon sees Egypt as a strong emerging market due to its strong economic growth, which hit 5.9% in the second quarter of this year while other countries are still struggling from the global crisis' effect.
Mr. Palermo, who is the company's CEO of Global Client Management and also has oversight of the company's Global Markets, Liquidity Services and Corporate Marketing divisions, expects his trip to be fruitful, leading to further partnerships with Egyptian corporations being inked in the near future.
BNY Mellon is at the forefront of introducing new depositary receipt (DR) solutions for Egyptian issuers. BNY Mellon enjoys a diverse clientele, including some of the country's best-known international and domestic companies, such as Al Ezz Steel Rebars, EFG Hermes, Suez Cement, Orascom Telecom, Orascom Construction, Telecom Egypt and Naeem Holdings. It also does business with the leading banks in the region, such as National bank of Egypt, Commercial International Bank (CIB) and the Central Bank of Egypt. BNY Mellon actively cooperates with other institutions like EGX, CMA and MSCD.
Egypt adopted DRs in the 1990's and is now considered to be the region's most liquid DR programs market. The country is set to perform well in the near future and BNY Mellon is planning to capitalize on its solid position within the region to take advantage of Egypt's active approach to growth in the region.
"BNY Mellon has made its mark in Egypt and plans to continue serving its clients to the best of our ability, utilizing our market expertise and specialized knowledge of local, regional and global finance to make that happen," says Tarek Elrefai, BNY Mellon Senior Executive Officer and Head of MEA Global Client Management.
The company has sound track record in enabling their clients to access key international capital markets as well as flexible funding options to help clients boost their global coverage, liquidity, and achieve appropriate valuation. BNY Mellon services also assist clients in diversifying and broadening the shareholder base across the US and Europe. Among its various services, BNY Mellon also supports clients to utilize DRs as acquisition instruments, issue global debt securities convertible into Drs and use DRs in Executive/Employee Stock Option Plans and affiliates' transactions.
