Regulators in The Netherlands and the UK have given their approval to a new custodian bank created by ABN Amro, the Dutch financial services group, and Mellon, the US custody bank.

The new bank, which is called ABN Amro Mellon Global Securities Services, formalises the joint venture set up by the two firms in 1998. It already has 110 clients and €250bn ($264bn) in assets under custody. The new bank is registered as a credit institution in The Netherlands and has a branch office in the UK.