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BNY Mellon looks to open office in Saudi Arabia

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BNY Mellon looks to open office in Saudi Arabia

Bank of New York Mellon Corp. is planning to open an office in Riyadh, Saudi Arabia, as early as the second quarter and apply for an asset services license from the country's Capital Market Authority, Reuters reported March 1, citing "sources familiar with the matter."

The office will initially house around five employees, the sources said.

BNY Mellon, which already handles overseas funds held by Saudi government-linked entities from outside the country, told the news agency that the plans are still in the development stage.