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 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.