SNB Capital and BNY Mellon Begin Delivering Global Securities Services in Saudi Arabia
KINGDOM OF SAUDI ARABIA
AUGUST 17, 2021
"SNB Capital and BNY Mellon announced their strategic alliance to deliver global and local custody and associated asset servicing activities in October 2020."
"The alliance leverages BNY Mellon’s world-class infrastructure and asset servicing tools with SNB Capital’s local market leadership."
BNY Mellon and SNB Capital today announced they have commenced the arranging and provision of integrated world class global securities services capabilities to institutional and large asset owners based in the Kingdom of Saudi Arabia (“the Kingdom”).
This builds on an earlier announcement in October 2020 in which NCB Capital (now SNB Capital following the merger with Samba Capital¹) the Kingdom of Saudi Arabia’s largest custodian, announced its entry into an alliance with BNY Mellon, one of the largest investment services companies in the world. The alliance was developed to address the demand to adopt global best practices of segregated asset management, brokerage and custody functions following the launch of the Kingdom’s Independent Custody Model in 2017.
The alliance is the first of its kind to bring together SNB Capital’s local market leadership in the adoption of recent technological and regulatory developments, while leveraging BNY Mellon’s global custody, asset servicing, data and technology capabilities. The relationship is intended to benefit asset owners by providing them with access to diverse asset classes across local, regional and international markets.
Loai Bafaqeeh, Managing Director of the Securities Division at SNB Capital said, “The activation of our alliance with BNY Mellon fully enables SNB Capital’s Securities Services platform, further extending our leadership position in the local custody arena. We are excited about the additional services that we can now offer our clients, including local and global custody, administration, securities borrowing and lending, and clearing, all of which will contribute to the growth and development of the Kingdom’s capital markets, and the financial sector as a whole, in line with Vision 2030. Moreover, as financial services continue to pivot to more data-driven activities, our collaboration with BNY Mellon will also enable us to offer clients market-leading custody and consolidated reporting solutions, all while complying with the relevant cyber-security regulations.”
Anthony Habis, Head of the Middle East and Africa at BNY Mellon added, “SNB Capital’s local expertise, combined with our global capabilities capitalizes on the growing opportunity for asset services in the Kingdom and supports the development of its financial infrastructure and banking sector. BNY Mellon has been serving clients in the region for over 100 years and we are excited to work together to meet the increasingly sophisticated demands of the Kingdom of Saudi Arabia’s institutional clients; to provide data solutions, technological expertise, and breadth of experience.”
BNY Mellon has $45 trillion assets under custody and/or administration and works with a wide range of sovereign wealth funds, financial institutions, governments and other clients throughout the region, offering asset servicing and ancillary services, corporate trust and treasury services. In the Middle East, BNY Mellon has an office in Saudi Arabia, a branch office in the Dubai International Finance Centre and representative offices in the Abu Dhabi Global Market, Cairo and Istanbul.
SNB Capital is the Securities, Asset Management and Investment Banking arm of Saudi National Bank, the Kingdom of Saudi Arabia’s largest commercial bank. SNB Capital’s market leadership is evidenced by its position as: Saudi Arabia’s largest custodian settling 22% of trades on Tadawul in Q4 2020, the Kingdom’s largest asset manager with $57 billion in assets under management as of June 2021, one of the sector’s leading investment banks, and a consistently top ranked broker on Tadawul.
¹The merger of NCB Capital and Samba Capital under the new name SNB Capital was completed on 9 July 2021, following the merger of National Commercial Bank (NCB) and Samba Financial Group under the new name Saudi National Bank on 1 April 2021.
ABOUT BNY MELLON
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment and wealth management and investment services in 35 countries. As of June 30, 2021, BNY Mellon had $45.0 trillion in assets under custody and/or administration, and $2.3 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.
ABOUT SNB CAPITAL
SNB Capital is the securities, asset management and investment banking arm of Saudi National Bank (Tadawul: 1180), the Kingdom of Saudi Arabia’s largest commercial bank. SNB Capital provides Securities, Wealth & Asset Management and Investment Banking services to: (i) local retail, affluent and High Net Worth clients, as well as (ii) local, regional and international institutional clients. SNB Capital’s market leadership is evidenced by its position as: Saudi Arabia’s largest custodian settling 22% of trades on Tadawul in Q4 2020, the Kingdom’s largest asset manager with $57 billion in assets under management as of June 2021, one of the sector’s leading investment banks, and a consistently top ranked broker on Tadawul. SNB Capital is licensed and authorized by the Capital Market Authority to provide the following services: Dealing as Principal and Agent, Custody, Underwriting, Managing, Arranging and Advising with respect to securities. Additional information is available on www.alahlicapital.com. Follow us on Twitter @AlAhliCapital.
Contacts:
Sorrel Beynon
+44 207 163 2827
sorrel.beynon@bnymellon.com
Abbas AlWazir
+966 564 10 1615
a.alwazir@alahlicapital.com
Haitham Hasan
+971 553 79 5962
haitham.hasan@hkstratgies.com