NCB Capital’s institutional and large asset owners based in Saudi Arabia will have access to BNY Mellon’s global custody, asset servicing, data and technology capabilities.
The new appointments will aim to bolster Northern Trust's operations in Saudi Arabia and the wider Middle East and Africa region.
The new office will provide on-the-ground services to both institutional investors and asset managers, as it looks to strengthen its current service offering in the Middle East.
The license and the new office will enable the world’s largest custodian to capitalise on the opening up of Saudi Arabia’s securities market to foreign investors.
HSBC Securities Services is aiming to capitalise on the growing interest from foreign investors in Middle Eastern markets, particularly Saudi Arabia.
Global Custodian looks at some of the critical issues discussed at The Network Forum Middle East Meeting in Oman earlier this week.
Since Saudi Arabia opened its doors for foreign investors in 2015, HSBC has emerged as the largest custodian in the country.
Landmark inclusion for Saudi Arabia in MSCI index as Deutsche Bank’s chief country officer says it’s a “major milestone” for the entire Middle East.
Saudi Arabia opened its doors to foreign investors three years ago and has been touted as the next up and coming market.