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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 EDT

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 1.04% 87.49 Delayed Quote.20.94%
THE SAUDI BRITISH BANK 1.27% 32 End-of-day quote.29.45%
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Financials (USD)
Sales 2021 11 908 M - -
Net income 2021 2 561 M - -
Net Debt 2021 16 734 M - -
P/E ratio 2021 11,9x
Yield 2021 2,50%
Capitalization 30 060 M 30 060 M -
EV / Sales 2021 3,93x
EV / Sales 2022 3,91x
Nbr of Employees 39 146
Free-Float 67,3%
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Number of Analysts 18
Last Close Price 87,51 $
Average target price 96,53 $
Spread / Average Target 10,3%
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Managers and Directors
Ronald Philip O'Hanley Chairman, President & Chief Executive Officer
Eric W. Aboaf Chief Financial Officer & Executive Vice President
Brian Franz Chief Information Officer & Executive VP
Louis D. Maiuri Chief Operating Officer & Executive Vice President
Jacqueline Angell Chief Compliance Officer & Executive VP
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