Riyadh – Mubasher: Bank of New York Mellon Corp plans to inaugurate an office in Saudi Arabia during the second quarter of 2018 to provide services for the kingdom’s overseas assets, informed sources said on Thursday.
The US banking and financial services provider aims to obtain asset services licence from the Capital Market Authority (CMA), Reuters reported, citing the sources as saying.
“BNY Mellon already handles overseas funds held by Saudi government-linked entities from outside the kingdom but opening an office in Riyadh will enable it to work more closely with its clients and solicit new business,” the sources added.
“The bank sees opportunities to provide depositary and trustee services to large Saudi entities with overseas business such as Saudi Aramco, Public Investment Fund (PIF) and others,” the news agency said.
The New York-based investment firm will hire five employees at the beginning of its presence in the oil-rich nation.
Bank of New York Mellon Corp is currently having offices in Egypt, Lebanon, Turkey, and the UAE.
The bank manages the funs of large investment companies, provides deposits, payment and trade services for domestic commercial banks.
