The service builds on the alliance struck between BNY Mellon and NCB Capital - now SNB Capital following its merger with Samba Capital – in October 2020.
Tag: Middle East
The milestone represents a 30% year-on-year increase, while assets under administration (AuA) also reached a new high.
New service model designed for institutional investors in the Middle East and North Africa will combine local expertise with global securities services capabilities.
The ADGM license will enable the US bank to provide a more complete suite of products and services to clients directly in Abu Dhabi.
The link will allow eligible international investors to hold Saudi fixed-income securities and ETFs via a foreign nominee omnibus account structure for the first time
The joint servicing model between BNP Paribas and Riyad Capital is the first of its kind in the Kingdom and the region, according to the two firms.
Global custody banks have expanded their services in the region in order to capitalise on the opening up of Saudi Arabia’s securities markets to foreign investors.
The enhancement provides more granular insights into the factors that drive performance for clients with Middle East mandates.
The license follows FAB’s recent agreement to acquire Bank Audi Egypt, which included its local custody business.
FAB stated Oman is a key part of the bank’s regional direct custody platform for seven Middle Eastern markets.