StanChart launches ME custody services
Dubai, May 3, 2011
Standard Chartered Bank said it has launched the regional custody services for investors and intermediaries in the Middle East region from its office in Dubai International Financial Centre (DIFC).
The bank’s new offering will give customers a single entry point to access custody services in multiple markets. The key benefits include a single point of contact; single contract and consolidated reporting for multiple markets through one provider.
Custody services play an integral role in the development of capital markets by providing securities market access to investors, said a statement from Standard Chartered.
This covers a range of services including equity and fixed income securities settlements, safekeeping, corporate actions, income and entitlements collection, cash management, reporting, and information services to clients, it added.
Commenting on the expansion of the bank’s regional custody service offerings, Stewart Adams, regional head of Investors and Intermediaries, Standard Chartered Mena, said: "Our regional custody hub currently caters for 26 countries and we are continuously expanding our coverage to meet customer demand."
"The regional custody offering aims to facilitate client access to regional and global markets, leveraging our footprint across the world’s most dynamic markets. It is also a clear indication of our commitment to our brand promise: Here for Good – Here for Clients,” he remarked.
Shikkoh Malik, regional product head of Investors & Intermediaries, Mena, said, "The offering from our DIFC Branch adopts best international practice and comes with our award-winning Straight2Bank internet platform, a web-based electronic portal, which gives clients on-demand access to comprehensive transactional and reporting capabilities."
Standard Chartered has been operating in the Middle East for more than 90 years, with a presence across the region. Out of its office in the DIFC, the bank runs the largest trading floor in the Middle East region.-TradeArabia News Service