BNY Mellon Lands a Big Ally for Its Expansion in Saudi Arabia - Bloomberg:
Bank of New York Mellon Corp., the world’s largest custody bank, is pushing deeper into Saudi Arabia through a deal with an arm of the country’s biggest bank.
The firm joined NCB Capital, a unit of National Commercial Bank, to seek institutional investors in the kingdom for BNY Mellon’s “global custody and associated asset-servicing activities,” according to a statement to be released Tuesday.
Under the agreement, investors could have all of their custody needs handled by BNY Mellon and NCB Capital instead of using multiple providers across regions. NCB Capital is the kingdom’s biggest asset manager and investment bank.
“This is about putting their local market reach and client base together with our global connectivity and capability set and giving them and their clients that access that they wouldn’t have otherwise,” Hani Kablawi, BNY Mellon’s chairman of international, said in an interview.
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