DUBAI: 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 海角直播.
The new service, which was a follow-up on the pair鈥檚 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.
鈥淲e 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,鈥 Loai Bafaqeeh, managing director of the securities division at SNB Capital, said.
In a sign of the maturity of Saudi鈥檚 capital market, he added:聽 鈥淸This] will contribute to the growth and development of the Kingdom鈥檚 capital markets, and the financial sector as a whole, in line with Vision 2030.鈥澛
鈥淥ur 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,鈥 Bafaqeeh said.
BNY Mellon鈥檚 Middle East and Africa head Anthony Habis said the Kingdom had 鈥渋ncreasingly sophisticated demands鈥 in asset management, and the partnership will fill in the industry gaps.
