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ADCB, BofAML sign strategic deal

By Staff

Abu Dhabi Commercial Bank (ADCB) and Bank of America Merrill Lynch have tied up to offer cash management, corporate banking and other facilities to each other customers.

A press statement stated that at the core of the agreement is the establishment of a steering committee, comprising senior bankers from both organisations. This group is tasked with developing global working relationships and sharing opportunities.

Commenting on the agreement, Ala’a Eraiqat, Chief Executive Officer and ADCB board member said: “Today is an important day for the UAE banking sector. It brings together our bank’s extensive network in the UAE, our product suite and service excellence with the global reach of Bank of America Merrill Lynch – a truly win-win partnership. We look forward to working with Bank of America Merrill Lynch to provide their valued clients with world-class products and services.”

Joel Van Dusen, Global Head of Corporate Banking Coverage at Bank of America Merrill Lynch, said: “At Bank of America Merrill Lynch, we are investing in bringing the right capabilities to our clients through our own global network or through relationships with best-in-class local banks. ADCB has demonstrated the highest standards in world-class banking services and products. We are delighted to offer our global clients access to their footprint, range of products and service standards.”