DUBAI (Reuters) – Bank of New York Mellon Corp (BK.N) plans to establish an office in Saudi Arabia as early as the second quarter as it looks for opportunities to service the kingdom’s overseas assets, say sources familiar with the matter.
The bank, which is aiming to apply for an asset services license from the Capital Market Authority, according to the sources, is the latest foreign bank aiming to bolster its presence in the kingdom as it embarks on a huge reform push.
BNY - Mellon - Funds - Saudi - Entities
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 said.
“BNY Mellon has been exploring opportunities and the possibility of establishing a presence in the Kingdom of Saudi Arabia for some time. These plans are still in development stage. Accordingly, we are not in a position to discuss our future plans at this...
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