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BNP Paribas Investment Partners and The Saudi Investment Bank announce the launch of a new asset management company: SAIB BNP Paribas Asset Management

  • 19.03.2008
RIYADH, 19 March 2008 – BNP Paribas Investment Partners (“BNPP IP”) and The Saudi Investment Bank (“SAIB”) have signed today a strategic partnership in asset management in the Kingdom of Saudi Arabia. Under the terms of the agreement, BNPP IP, through the holding company BNP PAM Group, will buy a 25% stake in SAIB Asset Management Company (“SAIB AMC”), the newly formed subsidiary of SAIB. The transaction is subject to regulatory approvals, and is expected to be completed within a few months. The Joint Venture will then be renamed SAIB BNP Paribas Asset Management.

SAIB has successfully developed a significant presence in asset management in the Kingdom, putting forward its particularly strong expertise in Saudi and GCC equities and in Islamic funds. With 2, 2 billion USD of assets under management, SAIB Asset Management Company provides a wide range of investment management products to a variety of corporate and retail investors.

In recent months, BNPP IP and SAIB have begun to work together to develop new innovative solutions that will be released in the coming months.

Mr. Gilles Glicenstein, Head of BNPP IP, said that: “After announcing the signing of the Memorandum of Understanding (MoU) last year, we are now very happy to finalise our strategic cooperation with SAIB and have high expectations for our future together. The GCC market is one of the most exciting in the world and is getting more and more sophisticated. With SAIB's expertise in the region, and our worldwide experience and client reach, this new asset management firm is well positioned to become one of the key-players of the region. This new operation will strengthen BNPP IP's position as a leader in New Markets, where we already hold more than US$54 billion of assets under management, via JVs and operations in Argentina, Brazil, China, Korea, India, Morocco and Turkey".

This joint venture will benefit greatly from BNPP IP's sales force in the region, with offices in Bahrain and Kuwait, and will leverage BNPP IP's international presence in over 30 countries.

Dr. Abdulaziz Abdullah Al-Ohali, Chairman of SAIB, expressed his confidence that SAIB AMC would take a leading role in the asset management market in the Kingdom and the region. “We are convinced that this alliance will synergise the strengths, capabilities and expertise of SAIB and BNPP IP to introduce products and services of unparalleled quality and diversity.”

Mr. Saud Al Saleh, Chairman of SAIB AMC and General Manager of SAIB, said that: “The joint venture will combine the strength and entrepreneurial spirit of SAIB with the international product expertise and global network of BNPP IP. We will be well positioned to build on the already strong platform that we have established in the last few years”. He added that “the joint venture will of course carry on benefiting from SAIB's development plans, in particular in network and distribution channels.”

Press Contacts:

BNP Paribas Asset Management
Malka Nusynowicz
+33 1 58 97 29 51

BNP Paribas
Céline Castex
+33 1 42 98 15 91

The Saudi Investment Bank
Radi Al-Haddad Al-Sayed
+ 966 1 474 2121 ext.1422

The Saudi Investment Bank
Farid Hanna
+966 1 477 8433 ext. 1455

BNP Paribas Investment Partners brings together the full palette of asset management expertise of the BNP Paribas group. Through a unique platform that offers immediate and simplified access to a broad range of specialist Partner companies BNP Paribas Investment Partners has become a leader among the multi-specialist asset managers. At end 31 December 2007, assets under management were €344 billion*, nearly half of which is managed for institutional clients. With 2,250 professionals servicing clients in nearly 70 countries, the network of Partners provides clients with the most advanced and dedicated expertise in asset management today, blending excellence in client service with innovative solutions that can highlight or combine specialities.
* assets under advisory included

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The Saudi Investment Bank is a Saudi Arabian joint stock company established by Royal Decree no. M/31 dated June 23, 1976. The Bank began operations in March 1977. SAIB offers traditional wholesale, retail and commercial banking products and services in addition to investment banking. It has played a significant role in the financing of quasi-government and private industrial sectors. SAIB has established an identity for itself in the Kingdom's highly competitive market as a quality alternative to the larger institutions, with products and services specifically tailored for sophisticated corporate and private banking customers. SAIB has been an active player in the Saudi capital market with a wide spectrum of investment services covering dealing, managing, custody services and advisory services SAIB also offers a wide range of sophisticated Treasury products including money market, foreign exchange, precious metals and other Treasury products.