UBA appointed Nigerian sub-custodian by BNYM

by Richard Kilner

Story link: UBA appointed Nigerian sub-custodian by BNYM

United Bank for Africa (UBA) Global Investor Services has been appointed by the Bank of New York Mellon (BNYM) to serve as its sub-custodian within Nigeria for its Depositary Receipts Programmes.

BNYM is the largest holder of assets in the world, with over US$20 trillion in custodial assets.

The bank is the leading global player in the depository bank arena, with 63% of the world market share.

BNYM’s dominance is even more profound in Africa, where it has four-fifths of the market.

The appointment of UBA to serve as its custodian in Nigeria is a strong vote of confidence in the African bank, and an indicator that it is globally recognised as a sound organisation.

UBA’s Global Investor Services was established just last year, but has already attained N46.8bn in assets.