BNY Mellon and NCB Capital to deliver integrated custody and asset servicing activities in the Kingdom of Saudi Arabia
BNY Mellon and NCB Capital have formed a strategic alliance to deliver global custody and associated asset servicing activities to institutional and large asset owners based in the Kingdom.
The new alliance will provide clients of NCB Capital, the Kingdom’s largest custodian and asset manager, with NCB Capital’s local expertise together with access to BNY Mellon’s global custody, asset servicing, data and technology capabilities.
“BNY Mellon has been serving KSA clients for more than 30 years, and has been conducting business in the region for over a century. We are excited to announce this strategic alliance with NCB Capital and look forward to working together to support the financial and social agenda the Kingdom has forged as part of its transformation, by sharing capabilities, resources and practices via our new alliance,” says Todd Gibbons, CEO of BNY Mellon.
“As KSA’s largest asset manager and investment bank, NCB Capital has a proven track record of successfully collaborating with global leaders across the asset management value chain. To that end, we are looking forward to working very closely with BNY Mellon to both deepen and broaden our Securities Services offerings to our clients in line with NCB Capital’s unwavering commitment to: (i) the development of the Kingdom’s financial sector in line with Vision 2030, and (ii) meeting the increasingly sophisticated demands of our institutional client base,” says Sarah AlSuhaimi, CEO of NCB Capital.
BNY Mellon works with a wide range of sovereign wealth funds, financial institutions, governments and other clients throughout the region, offering asset servicing and ancillary services, corporate trust and treasury services. In the region, BNY Mellon has a branch office in the Dubai International Finance Centre and representative offices in the Abu Dhabi Global Market, Beirut, Cairo and Istanbul. In the Kingdom, BNY Mellon recently received conditional regulatory approval to establish a presence and open an office in Riyadh which will: (i) further support its collaboration efforts with NCB Capital, (ii) assist with the delivery of BNY Mellon’s global digital custody and data solutions, underpinned by a resilient, transparent and efficient operating model that enables clients to focus on their growth regardless of where they invest.
Mohammed AlNory, Head of the Securities Division at NCB Capital, adds: “NCB Capital is focused on strengthening its value proposition for local, regional and international institutions across our business lines. With the continuing significant regulatory and infrastructure developments we are witnessing, the importance of Securities Services to our clients will only continue to grow. We firmly believe that our alliance with BNY Mellon will enable both firms to successfully cater to these client needs and capitalise on the growing local Securities Services opportunity.”
Hani Kablawi, Chairman of International at BNY Mellon, says: “We highly value our collaboration with NCB Capital, the Kingdom’s largest custodian and asset manager, and a leading Shariah-compliant asset manager globally. For clients who choose the alliance of NCB Capital and BNY Mellon, we are confident that together we will drive significantly greater performance and efficiencies by providing a consistent, quality experience, at scale, regardless of where they invest.”