NBAD expands custody services to UAE bourses
Abu Dhabi, May 29, 2013
Leading UAE lender The National Bank of Abu Dhabi (NBAD) said it has become a direct custodian for Nasdaq-Dubai, thus availing direct custody services for all three UAE Stock Markets.
This important milestone cements NBAD Custody’scomplete product proposition; intermediating inflow, intra-regional & outflow investments, said a statement from the Abu Dhabi bank.
The custodian plays an integral role in the capital markets by segregating the trading and post-trading activities, hence minimizing investments risks and providing investors with the clearing and settlement services as well as assets servicing.
NBAD is the first licensed custodian bank and the only banking institution originating from the UAE that is licensed by the Emirates Securities & Commodities Authority to be a custodian or custody services provider, said a top official.
“By being a direct custodian for Nasdaq-Dubai, NBAD is directly covering the three markets of the UAE in addition to our regional and international coverage through sub-custodians,” remarked Hany Samir, the head of NBAD Custody & co-head of SFAS.
“NBAD continues to advance its ability to meet the requirements of sophisticated domestic and international investors and put a solid stamp to our product development evolution,” he stated.
"As a custodian, NBAD provides services such as equity and fixed income securities settlements, safekeeping, pre-matching, corporate actions, income collection, proxy services, market claims, cash management, foreign exchange, reporting, market expertise and information services to clients," explained Samir.
"It avails a single entry point for the post-trading services for local, regional and international stock markets. As part of its commitment to global reach, NBAD will continue to expand its direct custody proprietary network to meet the growing needs of clients," he added.-TradeArabia News Service