The Bank of New York has expanded its sub-custody network to 105 locations through the addition of Kuwait and Saudi Arabia.
HSBC Bank Middle East Limited (Kuwait Branch) and The Saudi British Bank (Saudi Arabia) will act as The Bank of New York’s sub-custodians in these countries, providing a comprehensive range of services for Kuwaiti and Saudi securities traded in these markets.
“The custody market in Kuwait and Saudi Arabia has great potential,” says Kevin Smith, managing director of global network management at The Bank of New York. “Extending our network into these countries demonstrates the increased activity of the Middle Eastern region, and its importance as an emerging financial center. Our expanding presence underscores our commitment to service the needs of financial institutions and foreign multinationals conducting business in this important region.”
James Hogan, global head of custody and clearing at HSBC Securities Services, adds: “We are delighted that The Bank of New York has appointed HSBC as its sub-custodian in Kuwait and Saudi Arabia, two increasingly important markets in the growing Middle East region. This appointment further strengthens our long term relationship, and we look forward to working together to help The Bank of New York service the needs of its clients.”