BNY Mellon Trust (Japan) has promoted Dominick Falco to president and chief executive in a bid to strengthen its corporate trust offering in the country.

Falco was previously the Asia managing director of broker-dealer services. In his new role, he moves from Hong Kong to Tokyo and takes over from Takayuki Inukai, who has retired.

Corporate trusts in Japan are selected by debt issuers and fund management institutions to provide various services related to debt and collateral administration. These cover portfolio and transparency analytics, reporting, and final asset disposition and distribution.

The Japan trust arm is the product of BNY Mellon's acquisition of JP Morgan Trust Bank in Japan in 2008. It services around $12 trillion worth of outstanding debt across 20 countries.