The Bank of New York was selected by Riyad Bank of Saudi Arabia to conduct one of the first ever tri-party repo transactions in the Middle East.
The transaction, in which Riyad Bank provided a diverse pool of international fixed income securities, is expected to be the springboard for an active collateral management program going forward.
“Riyad Bank is one of the largest financial institutions in Saudi Arabia, with a strong and growing corporate and retail franchise,” said Abdulaziz Al-Malki, executive vice president of treasury and investment for Riyad Bank. “This arrangement will allow Riyad Bank to take advantage of its international fixed income portfolio by tapping into new funding source at a competitive cost. We selected The Bank of New York because it is the world’s leading tri-party repo provider with the expertise and capacity to meet our requirements both now and in the future.”