Northern Trust Saudi Arabia joins Edaa 01 August 2023Saudi Arabia Reporter: Jamie Richards
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Northern Trust Saudi Arabia has joined the Securities Depositary Center Company (Edaa) as a direct custody member.
The membership will enable Northern Trust to facilitate post-trade processes, the safekeeping and settlement of assets, and the transfer of securities.
Edaa says that Northern Trust’s membership will offer its clients greater global connectivity and more diverse asset servicing options.
The two parties have worked together through intermediaries since 2019.
Raed Alhumaid, CEO of Edaa, says: “This strategic expansion of our network to include an international custodian represents a pivotal step forward. By adding Northern Trust, we reaffirm our dedication to fostering growth and development within the financial ecosystem.”
Kholoud Aldosari, country head at Northern Trust, says: “This collaboration presents an opportunity to contribute our extensive experience and specialised solutions towards the advancement of post-trade services.
“Through a close and collaborative relationship with Edaa, we aim to leverage our global reach and deliver exceptional custodial services, meeting the evolving needs of our clients in the region and beyond.”
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Image: Mohammed/stock.adobe.com 