National Pension Service (NPS) signed a business agreement to manage overseas investment assts with BNY Melon, the world's No. 1 bank in terms of trustee assets, at the NPS headquarters in Jeonju on Jan. 24.
NPS selected BNY Mellon as a trustee for overseas bonds in September last year to carry out the professional and systematic storage and management business of the national pension fund's overseas investment assets.
BNY Mellon was the first bank in the United States to be founded in 1784. As of September last year, it managed financial investment assets in 102 countries, worth about $34.5 trillion.
BNY Mellon plans to open an office in Jeonju as soon as the financial authorities approve it. "We plan to keep and manage NPS' investments in overseas bonds safely in a rapidly changing international investment environment in cooperation with NPS," Chairman Charles W. Scharf of BNY Mellon said at the signing ceremony on the same day.
"Following State Street Bank, we have completed contracts with the world's leading banks, including BNY Mellon, to systematically keep and manage overseas investments worth up to 194 trillion won," said NPS Chairman Kim Sung-joo.
"As the national pension fund continues to grow to surpass 1,000 trillion won by 2025, and overseas investment will continue to expand, we expect the first and second largest banks of global trust assets to accelerate the establishment of Jeonju offices of domestic and foreign financial institutions," he added.