BNY Mellon and SNB Capital have partnered to launch global securities services in Saudi Arabia.
The merger will enable the partners to arrange and deliver such services to institutional and large asset owners based in the country.
SNB Capital, Saudi Arabia’s largest custodian, is the securities, asset management and investment banking arm of Saudi National Bank.
As part of the agreement, SNB Capital will leverage BNY Mellon’s global custody, asset servicing, data and technology capabilities, providing asset owners with access to asset classes across local, regional and international markets.
The partnership follows NCB Capital’s merger with Samba Capital, when the former was renamed SNB Capital.
Loai Bafaqeeh, managing director of the securities division at SNB Capital says: “The activation of our alliance with BNY Mellon fully enables SNB Capital’s securities services platform, further extending our leadership position in the local custody arena. We are excited about the additional services that we can now offer our clients, including local and global custody, administration, securities borrowing and lending, and clearing.”
He adds: “Our collaboration with BNY Mellon will also enable us to offer clients market-leading custody and consolidated reporting solutions, all the while complying with the relevant cyber-security regulations.”
Anthony Habis, head of Middle East and Africa at BNY Mellon comments: “BNY Mellon has been serving clients in the region for over 100 years and we are excited to work together to meet the increasingly sophisticated demands of the Kingdom of Saudi Arabia’s institutional clients; to provide data solutions, technological expertise, and breadth of experience.”
