BNY Mellon and NCB Capital have entered into a strategic alliance to deliver global custody and associated asset servicing activities to institutional and large asset owners based in the Kingdom of Saudi Arabia.
The collaboration will provide clients of NCB Capital, the Saudi Arabia’s largest custodian and asset manager, with local expertise together with access to BNY Mellon’s global custody, asset servicing, data and technology capabilities.
BNY Mellon has been serving clients in Saudi Arabia for more than 30 years, and has been conducting business in the region for over a century.
Todd Gibbons, CEO of BNY Mellon, said: “We are excited to announce this strategic alliance with NCB Capital and look forward to working together to support the financial and social agenda the Kingdom of Saudi Arabia has forged as part of its transformation, by sharing capabilities, resources and practices via our new alliance.”
Sarah AlSuhaimi, CEO of NCB Capital, commented: “As Kingdom of Saudi Arabia’s largest asset manager and investment bank, NCB Capital has a proven track record of successfully collaborating with global leaders across the asset management value chain.”
“To that end, we are looking forward to working very closely with BNY Mellon to both deepen and broaden our securities services offerings to our clients in line with NCB Capital’s unwavering commitment to: (i) the development of the Kingdom’s financial sector in line with Vision 2030, and (ii) meeting the increasingly sophisticated demands of our institutional client base,” added AlSuhaimi.
In July,
BNY Mellon received authorisation from the Saudi Arabia Capital Market Authority board of commissioners to conduct custody activities in the country
and opened a new office located in Riyadh.
