BNY Mellon has signed a strategic alliance with banking group Emirates NBD to expand foreign investors’ access to UAE capital markets through digitisation.

The partnership will see the US investment firm combine its global footprint with Emirates NBD’s banking capabilities to provide capital markets infrastructure and technology to its clients.

BNY Mellon CEO-elect Robin Vince said: “BNY Mellon is proud to continue to build on our rich decades-long history in the Middle East and play an important role in enhancing the region’s vibrant market infrastructure with Emirates NBD, one of the UAE’s leading financial institutions. We look forward to collaborating to further our vision of trust and innovation in the Middle East.”

The alliance comes at a time when UAE capital markets continue to expand with multiple new listings and a rise in market liquidity on both Dubai Financial Market and Abu Dhabi Securities Exchange.

Dubai-based Emirates NBD provides financial products and services to its customers, businesses, governments and institutions.

Its offerings include retail banking, Islamic banking, investment banking, corporate and institutional banking, private banking, global markets and treasury, asset management, and brokerage.

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Commenting on the tie-up, Emirates NBD Group CEO Shayne Nelson said: “The alliance brings Emirates NBD’s on-ground strengths, reach and long-standing reputation as a trusted financial services partner to individuals and businesses in the UAE together with BNY Mellon’s global expertise as the world’s largest custodian to create a win-win proposition for regional and overseas investors alike.”  

BNY Mellon chief growth officer Akash Shah added: “Emirates NBD’s regional excellence together with our global expertise will transform our collective client experience. It comes at an opportune moment, with a number of local champions coming to market through the UAE’s IPO boom.

“Together, we will help create the infrastructure to capture long-term value from the UAE’s financial ecosystem, increase operational efficiencies and investor access.”

Last month, BNY Mellon formed a strategic partnership with Maybank Securities Thailand to launch model portfolio services in the Thailand market.