BNY Mellon and SNB Capital, a unit of Saudi National Bank, have launched global securities services capabilities for institutional and large asset owners based in Saudi Arabia.
The launch follows an alliance signed between the American investment bank and SNB Capital (previously called NCB Capital) in October last year.
This partnership was aimed at addressing the demand to embrace the global best practices of segregated asset management, brokerage and custody functions following the introduction of Saudi’s Independent Custody Model in 2017.
Under this alliance, SNB Capital combined its technological and regulatory developments with BNY Mellon’s global custody, asset servicing, data and technology capabilities to offer asset owners access to a range of asset classes across local, regional and international markets.
SNB Capital Securities Division managing director Loai Bafaqeeh said: “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.”
Bafaqeeh added that the collaboration will enable the firm to offer clients custody and consolidated reporting solutions while complying with cyber-security regulations.
BNY Mellon Middle East and Africa head Anthony Habis said: “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.”
BNY Mellon has $45trn in assets under custody and/or administration.
In the Middle East, the company has an office in Saudi Arabia, a branch office in the Dubai International Finance Centre and representative offices in the Abu Dhabi Global Market, Cairo and Istanbul.
Earlier this year, Swiss banking group Credit Suisse launched a branch in the Saudi capital of Riyadh to expand its wealth management operations in the kingdom.