BNP, Riyad Capital team up for asset servicing venture

French asset server BNP Paribas Securities Services has enlisted investment bank Riyad Capital to bolster its Saudi-based offering.

The two firms have signed an agreement to develop a joint servicing model for Saudi clients that will cover global custody, fund services and consolidated data management.

A start date has been set for the second half of 2021 following a two-year development phase which also involved an unnamed public institution.

The service will be run by a Saudi-based team and all data will remain within the Kingdom.

Sabty Sulaiman Al-Sabty, chief executive of Riyad Capital said that the joint venture “will truly cultivate and amplify the role of securities services in the financial markets in the kingdom”.

The announcement comes six months after BNY Mellon launched a similar asset servicing alliance for the Saudi market with local asset manager and custodian NCB Capital.

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