France's BNP deals with Saudi Investment Bank

BNP Paribas Asset Management and the Saudi Investment Bank announced Tuesday they had signed a protocol on strategic cooperation in asset management.

The agreement, which is subject to regulatory approvals, envisions BNPP AM making an equity investment in a company to be incorporated under Saudi law, following the transfer of SAIB's asset management operations in that company.

The companies said the cooperation would combine SAIB's established record in asset management in Saudi Arabia and its knowledge of local and regional markets with BNPP AM's global experience and reach.