WASHINGTON (dpa-AFX) - State Street Corp. (STT), Monday announced a strategic co-operation agreement to support the securities services offering of Albilad Capital, a financial institution specializing in securities services and asset management, in the Kingdom of Saudi Arabia.
Under the deal, State Street's industry-leading solutions 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, '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.'
In the pre-market hours, STT is moving up 0.48 percent, to $118.88 on the New York Stock Exchange.
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