New York-based BNY Mellon has received approval from the Irish Financial Services Regulatory Authority to establish a new bank- licensed entity in Ireland.

The licence allows BNY Mellon to provide banking services to institutional clients and the broader market.

Joe Duffy will head the entity, which will be known as the Bank of New York Mellon (Ireland) Ltd.

“This is an important step in enhancing the services we offer from Ireland and in achieving our vision as one of the leading international financial services firms in the marketplace,” said Tim Keaney, chairman of BNY Mellon in Europe.

“At a time when some international banks are scaling back their investments, we are moving forward to build our presence in important markets such as Ireland. Receiving this bank licence will allow us to step up to the next level and we are very excited about our future plans here.”

BNY Mellon opened its first office in Ireland in 1994. It currently has more than 1,200 employees based in Dublin and Cork.