SocGen, NBAD ink securities services pact
Abu Dhabi, July 13, 2010
Top European bank Societe Generale Securities Services (SGSS) and National Bank of Abu Dhabi (NBAD) have signed a commercial agreement to provide extensive securities services in their respective regions.
The commercial agreement allows SGSS, the world’s sixth largest Global Custodian and the second largest in Europe, and NBAD, the first licensed Securities Custodian in the UAE, to expand the geographical coverage of their securities services, said the duo after signing the deal.
Each business will benefit from the other’s strengths by leveraging its product expertise in
order to provide comprehensive solutions and broader global support to Europeanbased institutions and clients in the Gulf Cooperation Council (GCC) countries, said a top official.
“NBAD is actively and prudently expanding its services by capitalizing on its strengths and advantages. Following the licensing of NBAD as the first UAE Custodian by Emirates Securities and Commodities Authority, we are now positioned for greater opportunities regionally & globally” said Rüdiger von Wedel, the senior general manager of Global Wealth Division of NBAD.
“This agreement expands the coverage and range of services provided to both NBAD and SGSS Clients” remarked Alain Closier, head of SGSS.
'This new commercial agreement is another illustration of our development strategy to build on our strong pan-European platform
and offer local expertise and resources to foreign players who are increasingly interested in accessing European markets.'
'We can now bring additional value to our clients by offering them direct access to the leading local securities services provider
for the GCC countries,' he added.
Commenting on the importance of the GCC countries to Societe Generale, Eric
Wormser, Societe Generale Group Representative for the Gulf Region said: “This commercial agreement with the number one bank in the UAE, is a clear indication of Societe Generale commitment to developing its presence in the region.”
“Using SGSS as a preferred provider will allow us to offer our local clients the range of securities services available from one of Europe’s leading Custodians,” said Hany Samir, the head of NBAD Custody Services.
“NBAD is a forward-looking bank that devotes considerable capital, care and effort to innovating the best-in-class financial products and services for all of our clients here in the UAE and across the GCC,” Samir added.-TradeArabia News Service
More Finance & Capital Market Stories
- GCC banks' outlook stable, says report
- GBSA panel names new chairperson
- NBK group CEO to step down
- SABB gets Fitch ratings boost
- Saudi SABB prices $400m sukuk issue
- Shuaa Capital gets Moody's ratings upgrade
- QInvest ‘advised on $3.5bn sukuk in 2013’
- Al Hilal Bank wins top Islamic finance award
- Barwa Bank wins top Islamic banking awards
- ‘BPO offers big benefits for Saudi economy’