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Article: The Bank of New York Selected by Riyad Bank, Saudi Arabia for Tri-Party Collateral Management.
- Article from:
- PR Newswire
- Article date:
- May 1, 2007
CopyrightCOPYRIGHT 2007 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK, May 1 /PRNewswire-FirstCall/ -- The Bank of New York, a global leader in securities servicing, was selected by Riyad Bank, Saudi Arabia to conduct one of the first ever tri-party repo transactions in the Middle East. The transaction, in which Riyad Bank provided a diverse pool of international fixed income securities, is expected to be the springboard for an active collateral management program going forward.
Abdulaziz Al-Malki, executive vice president of treasury and investment for Riyad Bank commented, "Riyad Bank is one of the largest financial institutions in Saudi Arabia, with a strong and growing corporate and retail franchise. This arrangement ...