Custodian Northern Trust picks Riyadh for Middle East headquarters

Northern Trust Corp has joined a growing number of financial institutions looking to bolster their presence in Saudi Arabia, saying on Friday it had picked the oil-rich kingdom as its headquarters in the Middle East. The move by one of the world's biggest custodian banks comes after Riyadh, in an effort to become the Middle East's financial hub, brought in measures requiring foreign firms to set up regional headquarters in Saudi Arabia or risk losing business. "The establishment of our MENA (Middle East and North Africa) regional headquarters in Saudi Arabia reflects continued investment in infrastructure, capabilities and expertise in the region," a Northern Trust spokesperson said.