Arab News, Wednesday, Aug 18, 2021 | Muharram 9, 1443
Saudi National Bank’s investment arm and BNY Mellon to bring global securities services in KSA
Saudi Arabia:
SNB Capital, the investment
banking arm of Saudi National Bank, has partnered with global investments
company BNY Mellon to offer global securities services to institutional and
large asset owners in Saudi Arabia.
The new service, which was a follow-up on the
pair’s announcement in October last year, will address demand to adopt global
practices in asset management, brokerage, and custody functions in the Kingdom.
Asset owners will have access to a diverse asset
class across local, regional, and international markets under the partnership,
the companies said in a statement.
“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,” Loai Bafaqeeh,
managing director of the securities division at SNB Capital, said.
In a sign of the maturity of Saudi’s capital
market, he added: “[This] will contribute to the growth and development of the
Kingdom’s capital markets, and the financial sector as a whole, in line with
Vision 2030.”
“Our collaboration with BNY Mellon will also
enable us to offer clients market-leading custody and consolidated reporting
solutions, all while complying with the relevant cybersecurity regulations,”
Bafaqeeh said.
BNY Mellon’s Middle East and Africa head Anthony
Habis said the Kingdom had “increasingly sophisticated demands” in asset
management, and the partnership will fill in the industry gaps.