Global custodian, BNY Mellon, has struck a deal with Saudi asset manager and custodian, NCB Capital, to provide combined banking and investment services to Saudi institutions and asset owners.
The alliance will also include global custody and asset servicing activities in a bid to match NCB’s local expertise with BNY Mellon’s global reach.
NCB Capital Sarah Al-Suhaimi said the partnership will help to meet the “increasingly sophisticated demands of our institutional client base”.
Todd Gibbons, BNY Mellon chief executive, said the alliance would see the two firms “sharing capabilities, resources and practices”.
BNY Mellon has looked to bolster its presence in the region this year. In January it opened its first office in the Abu Dhabi General Market and it has also recently received conditional regulatory approval to open an office in Riyadh.
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