BNY Mellon and custodian and money manager NCB Capital have formed a strategic alliance to provide global custody and asset servicing in Saudi Arabia.
NCB Capital's clients will gain access to BNY Mellon's global custody, asset servicing and data and technology capabilities through the alliance, a joint news release said.
BNY Mellon recently gained conditional regulatory approval to open an office in Riyadh. The firm already has presence in Dubai, Abu Dhabi, Beirut, Cairo and Istanbul.
"With the continuing significant regulatory and infrastructure developments we are witnessing, the importance of securities services to our clients will only continue to grow," Mohammed Al Nory, head of the securities division at NCB Capital, said in the release. "We firmly believe that our alliance with BNY Mellon will enable both firms to successfully cater to these client needs and capitalize on the growing local securities services opportunity."
BNY Mellon has a total $37.3 trillion in assets under custody and/or administration. The firm does not split out assets under custody for Saudi Arabia. NCB Capital has 140 billion riyal ($37.3 billion) in assets under management.