A DUBLIN-based bank acquired by US financial institution BNY Mellon earlier this year saw its revenues almost halve in 2009.
The latest accounts filed for PNC International Bank, which acts as a trustee and custodian for collective investments through its offices in Dublin and Luxembourg, show that its after-tax profits declined from $8.34 million in 2008, to $4.27 million last year.
PNC International Bank is a subsidiary of PNC Global Investment Servicing (GIS), which was acquired by the Bank of New York (BNY) Mellon in July for $2.31 billion.
In 2009, PNC International Bank’s fee and commission income shrank from $16.5 million to $10.19 million. As a result, total operating income declined from $17.21 million to $10.56 million. Total assets rose from $60.3 million to $131.9 million, while liabilities grew from $28 million to $95.4 million.
The bank’s registered Irish office is located on Sir John Rogerson’s Quay in Dublin’s Docklands area, and at the end of 2009 it employed 24 people.
A spokeswoman for BNY Mellon said yesterday that it was “extremely happy” to have acquired PNC GIS. Through this acquisition, BNY Mellon doubled the assets under management in its hedge fund administration business in Europe.
BNY Mellon is the largest fund administration firm in Ireland, employing about 1,200 staff at Windmill Lane and Harcourt Street in Dublin and also in Cork. A further 500 staff were added to the Irish workforce through the PNC GIS deal.
