BNY Mellon & NCB Capital strike white label deal in Saudi Arabia

NCB Capital, the asset management and investment banking arm of Saudi Arabia’s National Commercial Bank, has struck an alliance with BNY Mellon to deliver global custody and associated asset servicing activities to institutional and large asset owners based in the country. The alliance will provide clients of NCB Capital, Saudi’s largest custodian and asset manager, with NCB Capital’s local expertise together with access to BNY Mellon’s global custody, asset servicing, data and technology capabilities. NCB Capital is Saudi Arabia’s largest custodian, settling over 14pct of trades on Tadawul in 2019, and the country’s largest asset manager, with SAR168bn (USD45bn) AuM.