'Pune is one of our key growth centres'

BNY Mellon, one of the world’s leading financial service providers targeting institutions, operating in 34 countries started its Pune operations in December 2004. The company, located in Magarpatta City with over 300,000 sq feet of office space in six towers, touched the 2,700 head count this year. Chief executive officer (CEO) of BNY Mellon International Operations (India), James C Mceleney, spoke with DNA about their expansion plans, Pune’s contribution as a strategic growth centre and company’s future plans.

How important is Pune for BNY Mellon?
Pune is a strategic growth centre for us and it now delivers a wide range of multi-sector financial services processes for all of the company’s asset management and securities service businesses to a global client base across more than 100 markets worldwide.

Why choose Pune? What is the driving factor behind the Pune centre’s development?
The rich talent pool available here is the main reason for this. If you ask me about the driving factor, I will say it is obviously our employees, who come up with innovative ideas which have helped us even in global
operations.

Are there any expansion plans?
Yes, we have expansion plans that we will be carrying out next year by acquiring more office space at the current location. We have recruited 60% employees this year and an equal number of employees will be recruited in 2011 as well.

What about your overall business plans?
We will be continuing with our current business model, asset management and security service being the prime focus. BNY Mellon has also applied for banking license in India and it is under review. We have a presence in India for 27 years and have around 5,000 employees working in Chennai, Mumbai and Pune. India is among BNY Mellon’s five key growth markets in Asia-Pacific. The others include Japan, South Korea, China and Australia.

What about depository receipts (DR)? How is the business doing in India?
We have more than 2,250 DRs from 67 countries. We have a market share of 45% in India. Recently, we were selected as the structural advisor for the first sponsored IDR programme in India by Standard Chartered.

Can you elaborate on the working arrangement?
BNY Mellon has acted as an Indian Depository Receipt (IDR) structural adviser to Standard Chartered on the launch of its IDR programme. Standard Chartered has listed the IDR on the Bombay and National Stock Exchanges. The IDR is denominated in Indian Rupees and for the first time, allows a non-Indian company to sell shares (IDRs) directly to Indian investors. Every 10 IDRs represents an ownership interest in one Standard Chartered share.

Your company is also into community service in Pune. Can you throw us some light on the activities?
We believe in partnering with the community and contributing to its growth. In 2010, we raised over Rs5.76 lakh for community activities. This year alone, our employees in Pune have volunteered over 1,840 man hours for community events. Key projects of our team include working with different hospitals for those with learning difficulties, providing time and activities for underprivileged and disadvantaged children, and raising awareness of a charity connected with multiple sclerosis.