The National Bank of Cambodia, Phnom Penh, hired BNY Mellon as custodian for the central bank’s foreign reserves.
The central bank said in a news release that BNY Mellon was chosen following a “rigorous selection process,” which concluded the New York-based bank was “the safest custodian available for our foreign reserve’s asset.”
In a separate news release, BNY Mellon said it will provide global custody and a suite of fund administration services to NBC as part of the new relationship.
National Bank of Cambodia officials didn’t immediately respond to an e-mailed question regarding which bank BNY Mellon is replacing in that capacity. A spokesman for BNY Mellon deferred the question to NBC.