State Street and QNB Group sign strategic agreement to launch new custody servicing model
State Street Corporation and QNB Group have announced a strategic alliance to introduce a new custody servicing model in Qatar, marking a significant development in the country’s financial services sector. The cooperation agreement was announced on the sidelines of the World Economic Forum (WEF) in Davos, Switzerland, with detailed service agreements to be finalised and executed at a later stage.
The agreement was signed in the presence of His Excellency Ali bin Ahmed Al Kuwari, Qatar’s Minister of Finance, underscoring the importance of the partnership for Qatar’s financial market. The collaboration represents a key milestone in State Street’s continued expansion across the Gulf Cooperation Council (GCC), while supporting QNB Group’s accelerating international growth strategy.
Under the alliance, State Street and QNB Group will combine global custody expertise with deep local market knowledge to enhance custody and asset servicing capabilities in Qatar. The move reflects QNB Group’s position as Qatar’s largest financial institution and a regional leader in custody and asset servicing, while reinforcing State Street’s market presence in the country.
The partnership is expected to strengthen QNB’s role as a trusted provider of local market access, regulatory expertise, and institutional-grade safekeeping services. At the same time, it leverages State Street’s global scale and operational capabilities to deliver enhanced solutions to institutional clients operating in and through Qatar.
Ron O’Hanley, Chairman and Chief Executive Officer of State Street, said the GCC remains one of the fastest-growing markets globally, noting that collaboration with strong local institutions is central to the company’s regional strategy. He added that the new servicing model will create synergies that enable State Street to deliver more comprehensive solutions to clients across the region, particularly as Gulf economies undergo rapid transformation.
Abdulla Mubarak Al-Khalifa, Group Chief Executive Officer of QNB Group, said the alliance aligns with QNB’s vision for sustained international expansion and market leadership. He noted that leveraging State Street’s global custody and value-added services will significantly enhance QNB’s operational capabilities and service offering, strengthening client relationships and supporting growth in key markets beyond Qatar.
State Street has maintained a long-standing presence in the Middle East for more than three decades, serving sovereign wealth funds, pension schemes, central banks, and asset managers. The firm operates offices in Abu Dhabi, Dubai, Muscat, and Riyadh, and oversees assets under custody and administration totalling US$12.92 trillion, alongside US$841 billion in assets under management across the EMEA region.
QNB Group Custody received regulatory approval from the Qatar Financial Market Authority in 2012 to provide custody services domestically and internationally. Leveraging subsidiaries in Egypt and Turkey, as well as a broad global sub-custodian network, QNB Custody currently services US$65 billion in assets under custody for a diverse client base that includes global custodians, financial institutions, asset managers, and government entities.
