Abu Dhabi Commercial Bank (ADCB) and Banco Santander, Europe's largest bank by market capitalisation, on Sunday signed a partnership agreement to provide integrated comprehensive financing solutions for their clients in countries where the banks are not mutually present and for enhancement of business flows between the institutions.

Through this partnership, Banco Santander and ADCB will be able to foster an alliance to provide greater services to Banco Santander's clients in the UAE and for ADCB's clients in overseas markets.

Ala'a Eraiqat, ADCB's CEO, said: "This partnership agreement with Banco Santander marks only the beginning of our long term partnership together. Through this initiative we want to play an even greater role in bringing together domestic and international companies."

Emilio Botin, Chairman, Banco Santander said: "I am very pleased to sign this MoU during our visit to the UAE. With banks in the Middle East emerging as important sources of financing for global clients, we recognise that there is an increasing need for stronger collaboration with strong financial institutions in the region. In this regards, I am confident that the MoU signed today will open a new frontier for future collaboration and accelerate cooperation between Banco Santander and ADCB."

Colin Fraser, executive vice president and head of wholesale banking group at ADCB said: "This is an alliance which will help clients of both the banks trade together through the provision of combined expertise, financial strength and connectivity in the market."