Posted by From Sun News Publishing on
The UBA Global Investor Services has been appointed by the Bank of New York Mellon (BNYM), the world's largest Global Custodian with over 20 trillion USD in Custodial Assets, as its Sub-Custodian in Nigeria for its Depositary Receipt Programmes (DRs).
The UBA Global Investor Services has been appointed by the Bank of New York Mellon (BNYM), the world's largest Global Custodian with over 20 trillion USD in Custodial Assets, as its Sub-Custodian in Nigeria for its Depositary Receipt Programmes (DRs).
According to a statement by Toyin Sanni, MD/CEO/CIS, the appointment follows the successful outcome of a due diligence process.
'BNYM is the world's leading depositary bank with a 63% share of the global market. The bank is particularly dominant in emerging markets, with 80% market share in Africa as a whole and a 95% share of the Sub-Sahara African market. This clear leadership was demonstrated in 2007 when BNYM raised a total of $1,100 million in DR's.
'This is a landmark appointment which underscores the increasing confidence UBA enjoys in the global custody arena. It also supports our wider aspiration to be a recognized and respected player in the global financial services sector.
With a crop of highly trained and skilled personnel, superior systems and technology, GIS is positioned to render world-class custodial services to institutional investors, global custodians and depositary banks, as well as to brokers/dealers investing in Nigeria and the West African Economic and Monetary Union, which includes eight countries in Francophone West Africa.
We are very excited about the future of UBA GIS and its contribution to the group's vision and global aspirations.
UBA Global Investor Services (GIS) was established in September 2007 and already has Assets Under Custody of N50 billion.