BNY Mellon has been given the green light to setup a new banking service business in Ireland.

The American back has been granted a license to provide services to local and global clients from Ireland.

Joe Duffy, currently the country executive for the Emerald Isle, will also take over as CEO of the new Irish bank.

"Ireland is a leading financial services center and as the Irish market has grown and matured, so we have evolved our capabilities,” said Duffy.

"Ireland is a key element within BNY Mellon’s European strategy: it is an investment destination for many of the world’s most sophisticated institutional investors who, in turn, require the most sophisticated services to improve transparency, enhance efficiency, reduce costs and mitigate risk.

"We are delighted to be able to extend our service offering from Ireland to our international clients to provide them with an even higher quality of local expertise and global servicing."

BNY Mellon’s chairman of Europe, Tim Keaney, echoed Duffy’s sentiments:

"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.

"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 license will allow us to step up to the next level and we are very excited about our future plans here."

BNY Mellon employs 1,200 people in Cork and Dublin and has been in operation in Ireland since 1994.