BNY Mellon Asset Servicing appointed as global custodian.Summary: BNY BNY Bank of New York Mellon Asset Servicing, the global leader in securities servicing, has been selected by Gulf Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. Limited to provide global custody, cash sweep fund and securities lending services. BNY Mellon Asset Servicing appointed as global custodianby Gulf Reinsurance Limited BNY Mellon Asset Servicing, the global leader in securities servicing, has been selected by Gulf Reinsurance Limited to provide global custody, cash sweep fund and securities lending services. Gulf Reinsurance is a new specialist reinsurer re·in·sure tr.v. re·in·sured, re·in·sur·ing, re·in·sures To insure again, especially by transferring all or part of the risk in a contract to a new contract with another insurance company. licensed by the Dubai Financial Services Authority The Financial Services Authority ("FSA") is an independent non-departmental public body and quasi-judicial body that regulates the financial services industry in the United Kingdom. Its main office is based in Canary Wharf, London, with another office in Edinburgh. and based in the Dubai International Financial Centre The Dubai International Financial Centre (DIFC) is a near-shore financial hub for the MENA containing a capital market designated as a financial free zone in Dubai. It is established to create an environment for growth, progress and economic development in the UAE and the wider (DIFC DIFC Dubai International Financial Centre ). The company has been established as a 50/50 joint venture by Gulf Investment Corporation, a financial institution owned by the six Gulf Cooperation Council (GCC GCC: see Gulf Cooperation Council. (compiler, programming) GCC - The GNU Compiler Collection, which currently contains front ends for C, C++, Objective-C, Fortran, Java, and Ada, as well as libraries for these languages (libstdc++, libgcj, etc). ) member states, and Arch Reinsurance Ltd., a Bermuda-based insurance and reinsurance company owned by Arch Capital Group Ltd., and will subscribe to a total of $400m of capital. Gulf Reinsurance will initially target high-value oil and gas, industrial, utility and transportation assets primarily in the six member states of the Gulf Cooperation Council (GCC). The company will write a broad range of property and casualty lines of reinsurance, including aviation, energy, commercial transportation, marine, engineered risks and property, on both a treaty and facultative basis. Hani Kablawi, Managing Director, Head of Middle East & Africa at The Bank of New York Mellon The Bank of New York Mellon Corporation (NYSE: BK), is a global financial services company formed on 1 July 2007 as result of the merger of The Bank of New York and Mellon Financial Corporation. and Senior Executive Officer of the DIFC office, said: C[pounds sterling]I am delighted that Gulf Reinsurance has selected BNY Mellon Asset Servicing to be its first custodial partner. We have a very strong existing relationship with Arch Capital, and I look forward to building a similarly robust partnership with Gulf Reinsurance. Growing our businesses in the GCC region remains a priority for BNY Mellon, and this latest appointment adds to the considerable momentum we have built up during 2008.C[yen] Shankar Majrekar, Chief Financial Officer at Gulf Reinsurance, said: C[pounds sterling]The appointment of our first custodian was obviously a crucial decision for us, and we were extremely impressed by the level of expertise, commitment and Cycan doCO attitude displayed by the BNY Mellon Asset Servicing team, as well as by the broad and integrated nature of the product set they are able to offer us.C[yen]A[umlaut] 2008 Al Bawaba (www.albawaba.com) A[umlaut] 2008 Al Bawaba (Albawaba.com) Provided by Syndigate.info an Albawaba.com company |
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