BNY Mellon has partnered with Saudi-based custodian, SNB Capital, on the launch of an asset servicing venture for the kingdom.
The offering will target asset managers, institutional investors and asset owners in Saudi Arabia.
The launch comes on the back of an agreement signed between BNY Mellon and NCB Capital back in October 2020 designed to match BNY Mellon’s global scale with NCB’s local expertise.
Since then, NCB Capital has merged with fellow Saudi firm, Samba Capital, to form SNB Capital, the largest custodian in the kingdom.
According to SNB Capital managing director, Loai Bafaqeeh, the alliance with BNY Mellon will enable the Saudi firm to offer additional services beyond local custody, including fund administration, securities lending and clearing services.
©2021 funds global mena