Bank of New York Mellon chairman and chief executive Robert Kelly has said European financial institutions had been harder hit by the global economic crisis than their counterparts in Asia and were refocusing their businesses as a consequence, according to Reuters.

Mr Kelly also said the bank was in the final stages of obtaining regulatory approval in China for its fund management joint venture with Xi'an-based Western Securities, in which it will hold a 49 per cent stake, the maximum permitted. He said BNY Mellon saw China as a long-term rather than a short-term investment. 

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Bank of New York Mellon chairman and chief executive Robert Kelly has said European financial institutions had been harder hit by the global economic crisis than their counterparts in Asia and were refocusing their businesses as a consequence, according to Reuters.

Mr Kelly also said the bank was in the final stages of obtaining regulatory approval in China for its fund management joint venture with Xi'an-based Western Securities, in which it will hold a 49 per cent stake, the maximum permitted. He said BNY Mellon saw China as a long-term rather than a short-term investment. 

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