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MarketScreener Homepage  >  Equities  >  Nyse  >  State Street Corporation    STT

STATE STREET CORPORATION

(STT)
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State Street : Expands Middle East Presence with New Office in Saudi Arabia

08/14/2020 | 08:53am EST

Presence in the Kingdom is necessary to support region's ambitious growth.

Senior appointments to strengthen business and service offering

'Saudi Arabia itself is a strategically important country for State Street'

State Street Corporation (NYSE:STT) announced today the opening of its first Saudi Arabia office, State Street Saudi Arabia Financial Solutions Company (State Street Saudi Arabia), located in Riyadh. The firm's new office in the Kingdom, providing both institutional services and asset management, will strengthen its current service offering for official institutions and institutional investors in the Middle East.

'Saudi Arabia itself is a strategically important country for State Street, ' said Jorg Ambrosius, head of Europe, Middle East and Africa. 'Having an office here is absolutely vital for us to fulfil our ambitious growth plans for the region. We are strong supporters of His Royal Highness Prince Mohammed bin Salman's Vision 2030 strategy, with one of its pillars being that the Kingdom becomes a global investment powerhouse. Our presence will mean that State Street Saudi Arabia will help organisations navigate an increasingly complex global financial arena.'

State Street Saudi Arabia has appointed Abdullah Saleh Bakhrebah as Chief Executive Officer and Managing Director. He will be responsible for driving the overall business strategy, developing talent, pursuing growth opportunities, as well as managing relationships with local government officials and regulators.

Bakhrebah has more than 12 years' experience in Saudi Arabia's Banking and Finance industry. Most recently, he was KSA head of Product and Business Development for Ashmore Group. Earlier in his career, he was head of KSA Institutional Sales for Gulf International Bank (GIB)UK and held various trading and advisory positions at the Saudi British Bank (SABB) and HSBC'sTreasury Department.

State Street Saudi Arabia has also appointed Haifa Al Goufi as Middle East and North Africa (MENA) Chief Compliance Officer and Hassan Al Khalaf as MENA Chief Financial Officer.

State Street Saudi Arabia is authorized to conduct dealing as agent, discretionary portfolio management, advising and custody activities.

About State Street Corporation

State Street Corporation (NYSE:STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $33.52 trillion in assets under custody and/or administration and $3.05 trillion* in assets under management as of June 30, 2020, State Street operates globally in more than 100 geographic markets and employs approximately 39,000 worldwide. For more information, visit State Street's website at www.statestreet.com.

Assets under management as of June 30, 2020 includes approximately $67 billion of assets with respect to which State Street Global Advisors Funds Distributors, LLC (SSGA FD) serves as marketing agent; SSGA FD and State Street

3195270.1.1.GBL.RTL

Contact:

Alice Westwell

AWestwell@statestreet.com

+44 20 3395 2673

(C) 2020 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
STATE STREET CORPORATION -3.02% 77.18 Delayed Quote.6.05%
THE SAUDI BRITISH BANK 0.00% 25.4 End-of-day quote.2.75%
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Financials (USD)
Sales 2020 11 600 M - -
Net income 2020 2 319 M - -
Net Debt 2020 29 546 M - -
P/E ratio 2020 12,0x
Yield 2020 2,69%
Capitalization 27 229 M 27 229 M -
EV / Sales 2020 4,89x
EV / Sales 2021 5,11x
Nbr of Employees 38 979
Free-Float 69,7%
Chart STATE STREET CORPORATION
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State Street Corporation Technical Analysis Chart | STT | US8574771031 | MarketScreener
Technical analysis trends STATE STREET CORPORATION
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 83,00 $
Last Close Price 77,18 $
Spread / Highest target 30,9%
Spread / Average Target 7,54%
Spread / Lowest Target -11,9%
EPS Revisions
Managers and Directors
NameTitle
Ronald Philip O'Hanley Chairman, President & Chief Executive Officer
Louis D. Maiuri Chief Operating Officer & Executive Vice President
Eric W. Aboaf Chief Financial Officer & Executive Vice President
Ali El Abboud Chief Technology Officer
Brian Franz Chief Information Officer & Executive VP
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