State Street and QNB Group Sign Strategic Agreement to Launch New Custody Servicing Model
Strengthening State Street's Growth in Qatar and QNB's International Presence
State Street Corporation (NYSE:STT) and QNB Group today at the World Economic Forum (WEF), announced a strategic alliance to introduce a new custody servicing model in Qatar. Under this co-operation agreement, State Street and QNB Group have agreed to collaborate, with service agreements to be finalized and executed at a later date.
In the presence of His Excellency Ali bin Ahmed Al Kuwari, Qatar's Minister of Finance, the co‑operation agreement was signed during the WEF currently held in Davos, Switzerland, marking a significant milestone in State Street's ongoing expansion within the Gulf Cooperation Council (GCC) and supporting QNB's accelerating international growth.
This step reflects the strong market leadership of QNB Group, Qatar's largest financial institution and a recognized leader in regional custody and asset‑servicing capabilities. The agreement will also strengthen QNB's role as the country's most trusted provider of local market access, regulatory expertise, and institutional‑grade safekeeping, as well as State Street's market position in Qatar.
Bringing together State Street's global scale and QNB's deep local insight, this strategic alliance will enhance service delivery for clients and reinforce the two institutions' combined presence in Qatar's financial market.
"The GCC is one of the fastest-growing markets globally, and we are committed to deepening our presence through collaboration with leading local institutions," said Ron O'Hanley, chairman and CEO at State Street. "This new servicing model creates significant synergies, enabling us to deliver enhanced solutions to clients across the region. QNB's scale and network in Qatar are important to State Street as we invest further to support GCC clients in capturing opportunities driven by the region's economic transformation."
"This strategic alliance with State Street marks a pivotal moment for QNB Group and is fully aligned with our vision for sustained international expansion and market leadership," said Abdulla Mubarak Al-Khalifa, Chief Executive Officer at QNB Group. "By leveraging State Street's world-class global custody and value-added services, we are significantly enhancing our operational capabilities and service offering. This collaboration is instrumental in further solidifying our position as a dominant financial institution both locally and across our expanding international footprint, allowing us to leverage State Street's global expertise to expand our offerings and strengthen client relations, driving robust growth in key markets outside of Qatar. We are creating a superior servicing model that reflects our unwavering commitment to strategic partnerships, while maximizing stakeholder value on a global scale."
With offices in Abu Dhabi, Dubai, Muscat and Riyadh, State Street has been servicing sovereign wealth funds, pension schemes, central banks, and asset managers in the Middle East for over three decades. State Street has a total of $12.92 trillion in asset under custody / administration and $841 billion of asset under management in EMEA.
QNB Group Custody received regulatory approval from the Qatar Financial Market Authority in 2012 to provide custody services both in Qatar and internationally, leveraging subsidiaries in Egypt and Turkey and an extensive global network of sub-custodians. With $65 billion in assets under custody, QNB Custody serves a diverse client base, including global custodians, financial institutions, asset managers, and government entities.
About State Street Corporation
State Street Corporation (NYSE:STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $53.8 trillion in assets under custody and/or administration and $5.7 trillion* in assets under management as of December 31, 2025, State Street operates globally in more than 100 geographic markets and employs approximately 52,000 worldwide. For more information, visit State Street's website at www.statestreet.com.
*Assets under management as of December 31, 2025 includes approximately $173 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Investment Management are affiliated.
About QNB Group
QNB Group is one of the leading financial institutions in the Middle East and Africa and is ranked as the most valuable banking brand in the MEA region. Present in over 28 countries across Asia, Europe, and Africa, it offers tailored products and services supported by innovation and backed by a team of over 31,000 professionals dedicated to driving banking excellence, worldwide.
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Tracking number: 8727305.1.1.GBL.RTL
Expiring date: Jan 21, 2027
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Michel Chau
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