State Street signed a strategic co-operation agreement to support the securities services offering of Albilad Capital, a financial institution specialising in securities services and asset management, in the Kingdom of Saudi Arabia.
Under the deal, State Street’s securities services will be integrated with Albilad Capital’s local market expertise, aiming to strengthen the Saudi financial and capital markets.
Oliver Berger, Head of Strategic Growth Markets of State Street, stated in a press release announcing the deal: “Our aim is to deepen collaboration and introduce additional investment services and capabilities to Saudi clients, enhancing capital market efficiency and leveraging the ETF capabilities of both firms to facilitate foreign direct investment into the Kingdom.”
State Street launched its new headquarters for Middle East and North Africa in Riyadh in October. The opening marks an expansion of its operations in the country where the bank has assets under custody/administration of US$127 billion and assets under management of US$ 60 billion.
