SNB Capital, the investment banking operation of Saudi National Bank, has entered a partnership with global investments company BNY Mellon to offer global securities services to institutions and individuals with large asset ownership in Saudi Arabia.
This new offering follows the announcement the pair made last October and is part of plans to raise the practice in the Kingdom to meet standard best practices across the globe, especially in areas such as asset management, brokerage, and custody functions in the Kingdom.
Through this service, asset owners will be able to access a vastly diverse asset class ranging from local to regional and international stock markets.
“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,” Loai Bafaqeeh, MD of the securities division at SNB Capital.
Loai also stated that this new service is a move towards maturity for Saudi’s capital market, citing that this will spur the development that is outlined as a goal in the Kingdom’s Vision 2030.”
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